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December 18, 2024

Texas buyer purchases Farmington medical/office building portfolio for over $7M

COSTAR An overhead view of the Forest Park Avenue properties in Farmington.
By Greg Bordonaro

A nine-building, medical/office portfolio in Farmington has sold for just over $7 million, according to a broker involved in the deal.

The medical/office campus on Forest Park Drive, which includes about 90,000 square feet of total space on 10.5 acres, sold at auction this month, according to Michael Guidicelli, of Regions Commercial Real Estate Advisors, who represented the seller and procured the buyer.

The auction attracted over 35 bids from seven registered bidders, Guidicelli said. 

The buildings sold in the deal include 1, 2, 3, 4, 5, 6, 8 and 10 Forest Park Drive. There was also a 2,000-square-foot office, located at 1088 Farmington Ave., invovled in the deal. Land records show the Forest Park Drive properties traded hands for $6.9 million, but the final purchase price included a fee paid by the buyer to Ten-X, the online auction site, Guidicelli said. 

COSTAR
A building within the Forest Park Drive portfolio.

The buyer was SSKI Management LLC, which is controlled by Swetha Bijoy and Saravana Prakash, who list a Leander, Texas business address. 

The seller was FPO Green LLC, Sam Pollak and Harry Horowitz, who bought the complex in 2021 for $5.9 million, town records show.

Tenants in the properties include a variety of small businesses.
 

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