Steven Shullman and Alan Shullman bought out their partners in a six-property medical office portfolio in Palm Beach County, paying $75 million for the remaining 50% interest in the companies, according to Marcus & Millichap.

The deal consisted of the Delray Beach-based investors purchasing the remaining interest in the LLCs that own the real estate, not deeds. Rayus Radiology is a tenant in all of the buildings. A vacant property was also included in the deal.

The deal was brokered by Howard Bregman of Marcus & Millichap. He said that more than 16 competitive offers were received, but the Shullmans ultimately chose to buy out their partners.

“The interest from qualified buyers from across the country is representative of the demand for medical assets in South Florida,” Bregman stated. “The activity generated by our marketing efforts created an identifiable market for our clients, who ultimately chose to pursue a partnership buyout.”

The properties in the deal are:

• 1572 Palm Beach Lakes Blvd. in West Palm Beach, with an 11,736-square-foot medical office owned by DCA at West Palm Beach (pictured above).
• 15280 S. Jog Road, near Delray Beach, with a 51,085-square-foot medical office owned by Village Center of Delray LLC.
• 2565 S. State Road 7 in Wellington, with a 7,460-square-foot medical office owned by DCA at Wellington LLC.
• 1425 W. Gateway Blvd. in Boynton Beach, with a 27,964-square-foot medical office owned by DCA at Gateway LLC.
• 2600 Quantum Blvd. in Boynton Beach, with a 3.4-acre lot owned by DCA at Gateway LLC.
• 6080 Boynton Beach Blvd., near Boynton Beach, with a 30,250-square-foot medical office owned by DCA at El Clair LLC.
• 3501 PGA Blvd. in Palm Beach Gardens, with a 46,971-square-foot medical office owned by DCA at Palm Beach Gardens LLC.

Source:  SFBJ