{"id":1004141432,"date":"2016-04-11T03:24:39","date_gmt":"2016-04-11T11:24:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004141432"},"modified":"2022-12-08T10:48:58","modified_gmt":"2022-12-08T18:48:58","slug":"marina-towers-in-melbourne-involved-in-sale-and-leaseback-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/marina-towers-in-melbourne-involved-in-sale-and-leaseback-deal\/","title":{"rendered":"Marina Towers in Melbourne Involved in Sale and Leaseback Deal"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

Orlando, Fla.<\/strong>\u2013The Marina Towers office building has a new owner following the successful sale and leaseback of the asset by First Choice Healthcare Solutions. First Choice wholly-owned subsidiary Marina Towers LLC sold the Melbourne, Fla. office asset to Global Medical REIT for a total of $15.45 million. Following the ensuing leasing agreement for the property, First Choice netted roughly $8 million in cash proceeds from the deal.<\/p>\n

\"Marina<\/a>

Marina Towers<\/p><\/div>\n

Located at 709 S Harbor City Blvd., the asset offers a total of 78,000 square feet of office space. The asset has been leased back for ten-year period, on an absolute triple-net master lease agreement that will be up in 2026. According to the company\u2019s filings with the Securities and Exchange Commission, First Choice has two successive options to renew the agreement for two five-year intervals.<\/p>\n

According to Christian Romandetti, First Choice\u2019s president & CEO, the deal \u201cwill prove to be a transformative event for our Company as we proceed with executing our expansion plans.\u201d The healthcare<\/a> company will reportedly use the capital it has sourced from the deal to further expand its system of Medical Centers of Excellence into other targeted areas.<\/p>\n

According to an official company statement, the proceeds will result in more than 50 percent reduction in First Choice\u2019s debt, prospects for further expansion, a roster expansion with new physicians, new executive appointments to critical posts, as well as delivery of working capital and enhanced shareholders\u2019 equity.<\/p>\n

Image courtesy of Google Street View\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The sale and leaseback deal will raise capital for further investment and expansion for First Choice Healthcare Solutions.<\/p>\n","protected":false},"author":237,"featured_media":1004141448,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21743,21783,21754,21742,21747,1493],"tags":[],"class_list":["post-1004141432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-deals","category-investment","category-medical-office","category-latest","category-office","category-orlando"],"acf":[],"yoast_head":"\nMarina Towers in Melbourne Involved in Sale and Leaseback Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/marina-towers-in-melbourne-involved-in-sale-and-leaseback-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Marina Towers in Melbourne Involved in Sale and Leaseback Deal\" \/>\n<meta property=\"og:description\" content=\"The sale and leaseback deal will raise capital for further investment and expansion for First Choice Healthcare Solutions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/marina-towers-in-melbourne-involved-in-sale-and-leaseback-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-04-11T11:24:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:48:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/Marina-Towers.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1028\" \/>\n\t<meta property=\"og:image:height\" content=\"741\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/marina-towers-in-melbourne-involved-in-sale-and-leaseback-deal\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/marina-towers-in-melbourne-involved-in-sale-and-leaseback-deal\/\",\"name\":\"Marina Towers in Melbourne Involved in Sale and Leaseback Deal - 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