West Palm Beach Medical Office Trades Hands

West Palm Medical Plaza in West Palm Beach, FL has been purchased by WPB Medical Office LLC, an affiliate of a local investment group, for $5.2 million.

The three-story, 43,797-square-foot, multi-tenant property, located at 4700 N. Congress Ave., is currently 63% leased; occupied by seven medical-related tenants. The building is subject to a long-term ground lease.

Situated on 5.1 acres of land, the medical office building was originally built in 1987 and underwent renovations in 2011.

Located near Interstate 95 and 45th St. in northern Palm Beach County, the property offers access to Palm Beach International Airport, Downtown West Palm Beach and the nearby Mangonia Park Tri-Rail Station. The property is additionally situated in close proximity to JFK Medical Center and St. Mary’s Medical Center.

Colliers International Florida’s executive director, Harry Blyden and senior associate, Bastian Laggerbauer represented the seller in the transaction and brokered the sale.

“At a time of so much uncertainty, medical office buildings remain a bright spot in commercial real estate,” Blyden stated. “Closing this deal required overcoming several challenges but the tenacious efforts and cooperation of all parties involved in the transaction made it possible. More than ever, it pays off thinking outside the box and having strong relationships in the real estate market.”

The healthcare real estate sector has continually experienced increased demand and low vacancy rates within South Florida, due to the area’s expanding, aging population.

“We’re very pleased to have represented the owners of West Palm Medical Plaza in the sale of this rare, value-add opportunity involving a highly-desirable medical office space in the Palm Beach County market,” says Laggerbauer. “Investors and users are aware of the space supply constraints in South Florida at a time when demand is being fueled by demographic changes, advances in technology, and policy changes. The medical office sector remains attractive in terms of both stability and diversification with demand peaking to 3.6 million square feet of space across South Florida over the past three years.”

 

Source:  GlobeSt.

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Fort Lauderdale Medical Office Buildings Trade For $313 Per Square Foot

Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt represented the seller, TDH 2866, LLC and TDH 2870, LLC, in the sale of two freestanding medical office buildings located at 2866-2870 East Oakland Park Blvd. in Fort Lauderdale.

Sun Medical Center consists of two newly renovated buildings located adjacent to one another. The 2866 building comprises approximately 12,113 square feet on 3 floors. Broward Health, one of the 10 largest health systems in the U.S., is the main tenant in the building. The 2870 building comprises 1,940 square feet. Extensive renovations featuring Class A medical finishes were completed in 2018. The subject also features ample surface parking to accommodate medical use.

Sun Medical 2866 LLC, a New York-based investor, purchased the 1967-built, building for $4.4 million. The deal closed July 24. The buyer intends to occupy a portion of the building for its own medical practice.

The property is located on well-traveled East Oakland Park Boulevard, just east of Bayview Drive and west of the Intracoastal Waterway.

“There is tremendous demand for medical office buildings due to the stability of the sector and historically long-term tenants,” commented Hyatt. “The medical office building sector continues to be at the forefront of leading real estate sectors, even in this challenging market, and continues to show encouraging signs for acquisition as well as development.”

The buyer was represented by Lyman Phillips with Karlington Commercial.

 

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Orlando Health St. Cloud Hospital Expands Healthcare Services With New Medical Pavilion

The Orlando Health Medical Pavilion – St. Cloud located on the corner of U.S. Highway 192 and Budinger Avenue is now officially opened to the public.

A ribbon cutting ceremony was held on Monday, July 27 with Brent Burish, president of Orlando Health St. Cloud Hospital; Thibaut van Marcke, senior vice president, Orlando Health Southeast Region, and president of Orlando Health Dr. P. Phillips Hospital; and Mayor Nathan Blackwell, City of St. Cloud to unveil the new facility.

“This is truly an exciting time for Orlando Health St. Cloud Hospital,” said Mr. Burish. “As more of our neighbors choose Orlando Health St. Cloud, we’re continuing to invest in services that advance care and better our community’s health. The specialty services inside this medical pavilion will make it easier for our patients to manage their healthcare closer to home.”

The 50,000 square feet, two-story building on the hospital’s campus comprises the St. Cloud Medical Group physician practices, which includes both specialty care practices and primary care offices. Ancillary hospital departments have also moved into the new space, which features space for private retail, new outpatient services, and private physician offices.

By late August 2020, a walk-in clinic will open with extended hours to provide medical services for minor or acute illness. An outpatient lab is set to open at the same time.

 

Source:  Positively Osceola

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