Medical Office Plaza In Boynton Beach Trades

JLL Capital Markets closed the sale of Woolbright Medical Plaza, two institutional-grade medical office buildings totaling 33,154 square feet in Boynton Beach.

The buildings last sold in August 2018 for $5,525,000.

JLL represented the seller, TopMed Realty, in the sale to AW Property Company.

Located at 1700 and 1800 Woolbright Road, Woolbright Medical Plaza is positioned less than a mile from the 401-bed Baptist Heath Bethesda Hospital East, part of the largest health system in South Florida. Furthermore, the property is near Boulevard Rehabilitation Center, HCA Florida JFK Hospital, Delray Medical Center and Bethesda West Hospital.

Woolbright Medical Plaza is 93% leased to a variety of nationally and locally recognized physician groups providing radiology/imaging, ENT, primary care, dentistry and physical therapy services. Anchor tenants include Akumin Corp., ENT Associates of South Florida and Kindred Healthcare. TopMed successfully converted and rebranded the office complex to a medical office plaza and increased the occupancy from 63% to 93%.

The abundance of demand for healthcare services in Palm Beach County is driven by surging population growth and an outsized concentration of senior citizen residents. Woolbright Medical Plaza further benefits from being adjacent to the large active adult 55+ community known as Leisureville, which features 1,800 single family homes and 500 apartments.

The JLL Healthcare Capital Markets team representing the seller was led by Director Matt DiCesare, Senior Managing Director Evan Kovac and Director Anthony Sardo with support from Chad Prescher and Josiah Batcheller. Managing Director Ike Ojala of JLL’s Miami office provided local expertise.