Proper CRE Successfully Closes Sale-Leaseback Transaction of Medical Office

SOLD – First Coast Dermatology Medical Office Building

Proper Capital & Real Estate is pleased to announce the successful closing of a sale-leaseback transaction for a single-tenant medical office property located at 4479 Baymeadows Road in Jacksonville, Florida. The transaction closed in December.

The 4,656-square-foot medical office building is 100% leased to First Coast Dermatology, a long-established healthcare practice that has operated from the property since 2000.

Proper Capital & Real Estate represented the seller and managed the transaction from marketing through closing. As part of the transaction, the practice entered into a 10-year absolute NNN lease with 3% annual rental escalations, a structure that aligned the property with strong investor demand for passive, net-leased medical assets.

The transaction was completed at a sale price of $1,750,000, equating to $397.19 per square foot. The sale-leaseback structure created a mutually beneficial outcome, allowing the physician owner to unlock equity while maintaining long-term operational control of the facility, while the buyer acquired a stabilized medical asset with minimal management responsibilities.

Jacksonville continues to attract strong investor interest in medical office properties due to sustained population growth, a favorable tax environment, and its position as a regional healthcare hub anchored by nationally recognized medical institutions. As sale-leasebacks become an increasingly common strategy for medical property owners, Proper Capital & Real Estate continues to advise sellers on structuring transactions that balance liquidity, operational continuity, and long-term value.

About Proper Capital & Real Estate

Proper Capital & Real Estate provides a full range of commercial real estate services, including brokerage, investment advisory, development, and capital markets. The firm works with property owners and users on acquisitions and dispositions, with a primary focus on projects throughout North & Central Florida.