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News release

Miami

Jones Lang LaSalle Brings Miami Heart Institute to Market in Miami Beach

Premier waterfront location offers significant synergy with Mount Sinai Medical Center


MIAMI, JULY 29, 2009 — Jones Lang LaSalle is marketing the Miami Heart Institute for sale in Miami Beach, Florida for the Mount Sinai Medical Center (MSMC).  The 666,798-square-foot medical facility is located on the waterfront, providing unobstructed views of the Atlantic Ocean, Biscayne Bay and the Miami skyline.   The property includes a seven-story office building, three hospital buildings and two integrated parking garages located on two parcels totalling over seven acres.  It also offers close proximity to MSMC, presenting significant operational synergies with that facility as well as a potential future business relationship.  The facility is expected to fetch in excess of $50 million.

Executive Vice President Poe Corn is leading this assignment for the healthcare practice at Jones Lang LaSalle. 

“The Miami Heart institute is a truly spectacular property that should appeal to a wide variety of investors and developers, as well as traditional and non-traditional users of healthcare space, particularly biotechnical/pharmaceutical research firms and education institutions,” said Corn.  “The facility also offers a gamut of potential reuses, ranging from assisted living and other senior living facilities to high quality medical office space and even educational uses.”

The property is located at 4701 N. Meridian Avenue.  It sits in the heart of a fully built-out, high-end single-family neighborhood, less than two miles north of the famous Lincoln Road mall featuring open-air shopping and dining.  It features 272 licensed intensive care and specialty beds and could be expanded under the existing infrastructure to a total of 311 beds.  The property features poured in-place steel-reinforced concrete frame and floor plates.  Additionally, it includes a full complement of hospital-quality mechanical infrastructure including oversized elevators, wide hallways and oversized HVAC systems with ducted return air. 

Jones Lang LaSalle’s healthcare real estate and finance practice offers strategic solutions for aligning an organization’s real estate needs with its broader operational goals.  The firm’s healthcare finance experts are highly skilled at real estate capitalization and provide a wide variety of advisory and implementation services that ensure healthcare providers are making the most accurate decisions possible regarding their future real estate and finance needs. 

Jones Lang LaSalle Capital Markets is composed of a broad range of real estate investment debt and equity specialists, and corporate finance experts, working on all property types and in all the major national markets on behalf of major institutional and local investors and developers, as well as corporations.  The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs.   The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product. The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide derivatives structuring and loan sale advisory services.  The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios.  The Development and Asset Strategy team specializes in the sale of non-income-producing properties in their various forms from vacant buildings to raw land to entitled parcels and partially completed subdivisions.  The firm's Value Recovery Services assist clients affected by the current financial crisis by creating value while managing risks through evaluating operational and occupancy needs, assisting with challenged assets and liabilities on their balance sheets, providing receivership services, asset management, raising capital through sales-leasebacks and providing leasing and recapitalization strategies for distressed assets. In the past two years, the firm’s Capital Markets team handled $117 billion of transaction volume.
 
About Jones Lang LaSalle
 
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $41 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.