Investor With His Eye On Medical Offices Continues Buying Spree, Snags West Palm Beach Office Buildings For $7M

An investor is continuing his South Florida office shopping spree, scooping up a West Palm Beach property for $7 million.

Allen Chelminsky, through his affiliate Palm Beach Lakes Corporate Center, bought two office buildings at 2001 and 2007 Palm Beach Lakes Boulevard from Ganzer Brothers, a company managed by Glen Ganzer, a deed shows. Chelminsky took out a $5.6 million mortgage from Ganzer Brothers.

The purchase includes a one-story, 10,206-square-foot medical office building; and a five-story, 39,442-square-foot office building that also allows for medical offices, according to property records. The buildings were built in 1973 and 1974.

Ganzer Brothers bought the buildings in 2001 for $4.4 million from 2001 Partners, an affiliate of Royal Landscaping in Boynton Beach, a deed shows.

Chelminsky’s latest purchase follows his acquisition in October of the two-tower office complex Concept II in Lake Worth Beach for $10.9 million. In July 2019, Chelminsky bought another pair of office buildings at 7100 West Commercial Boulevard and 7200 West Commercial Boulevard in Lauderhill for $5 million.

The investor is focusing on medical offices, as both buildings he bought in 2019 are medical offices, and a healthcare services firm occupies the property he bought last year.

In Chelminsky’s most recent acquisition, the smaller one-story building is occupied by an MD Now Urgent Care.

Source:  The Real Deal