Coral Gables Buys Downtown Medical Office Building From ShareMD for $24M

The City of Coral Gables has bought a medical office building at 475–495 Biltmore Way in its downtown district for $24 million. ShareMD was the seller of the 53,029-square-foot property, which sits on the same city block as Coral Gables City Hall and the Planning and Zoning Department.

With the purchase, the city now controls the entire block. It has kept ShareMD's property management affiliate, Medicus Asset Management LLC, to run the building under an initial one-year contract. Blanca Commercial Real Estate acted as leasing agent on the transaction.

Alongside the sale, ShareMD said it is rebranding as Parallel Medical Properties, effective immediately. The company owns and operates a portfolio of roughly 500,000 square feet of medical office buildings across Florida and California.

For developers and investors, the deal shows a municipality acquiring real estate in its core civic district, which can shape future land use and redevelopment decisions on the block.