Del Mar Medical Park in Boca Raton has changed hands in a $33.6 million deal.
Cypress West, in partnership with TPG/Angelo Gordon, acquired the two-building medical office complex from IP Capital Partners and The Ardent Companies.
The property, located at 7301 and 7301A W. Palmetto Park Road, spans 101,546 square feet across two boutique medical office buildings. Originally purchased by IP Capital Partners in 2021, the campus underwent more than $4 million in upgrades, including new roofing, elevators, lighting, security systems, and landscaping. These improvements helped boost occupancy from around 60% to 92%, now housing over 50 tenants across 20 different medical specialties.
The site offers strong connectivity, positioned near I-95 and Florida’s Turnpike and within 30 minutes of a dozen hospitals, including Boca Raton Regional Hospital and West Boca Medical Center. Its location is further strengthened by Boca Raton’s affluent demographics, where household incomes average over $163,000 and the population has grown nearly 20% in the past 15 years.
While the property is already stabilized, the buyer sees additional upside. Some of the remaining commercial suites can be converted into medical office use, which could drive further rent growth and value appreciation.
The transaction highlights both the strength of the Boca Raton healthcare real estate market and the increasing demand for medical office space in high-growth, high-income communities.
Boca Raton’s Del Mar Medical Park Sells For $33.6M Following Major Repositioning
Del Mar Medical Park in Boca Raton has changed hands in a $33.6 million deal.
Cypress West, in partnership with TPG/Angelo Gordon, acquired the two-building medical office complex from IP Capital Partners and The Ardent Companies.
The property, located at 7301 and 7301A W. Palmetto Park Road, spans 101,546 square feet across two boutique medical office buildings. Originally purchased by IP Capital Partners in 2021, the campus underwent more than $4 million in upgrades, including new roofing, elevators, lighting, security systems, and landscaping. These improvements helped boost occupancy from around 60% to 92%, now housing over 50 tenants across 20 different medical specialties.
The site offers strong connectivity, positioned near I-95 and Florida’s Turnpike and within 30 minutes of a dozen hospitals, including Boca Raton Regional Hospital and West Boca Medical Center. Its location is further strengthened by Boca Raton’s affluent demographics, where household incomes average over $163,000 and the population has grown nearly 20% in the past 15 years.
While the property is already stabilized, the buyer sees additional upside. Some of the remaining commercial suites can be converted into medical office use, which could drive further rent growth and value appreciation.
The transaction highlights both the strength of the Boca Raton healthcare real estate market and the increasing demand for medical office space in high-growth, high-income communities.
For more information contact us:
954.346.8200 x 201
