Medical Tech Firm Buys Dev Site In Palm Beach Gardens For $19M

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Medical technology firm Meso Scale Diagnostics paid $18.9 million for a development site in Palm Beach Gardens that was previously approved for a hospital.

An affiliate of Rockville, Maryland-based Meso Scale acquired the 9.1-acre assemblage at the southwest corner of PGA Boulevard and Ballenisles Boulevard, just east of Florida’s Turnpike, according to records and Vizzda.

The buyer obtained $18.2 million in seller financing.

The seller, an entity managed by John Clark Bills in Palm Beach Gardens, paid $996,300 for the vacant land in 2009, records show.

In 2021, Palm Beach Gardens approved a rezoning of the larger 7.2-acre parcel from residential to commercial. It also approved a site plan for two medical rehabilitation buildings with 80 beds, submitted by Encompass Health, a Birmingham, Alabama-based health care company. At the time, Encompass was under contract for the development site.

It is unclear why Bills and Encompass did not close the deal.

Meso Scale executives did not respond to emails requesting comment about the company’s plans for the vacant property. Led by CEO Jacob Wohlstadter, Meso Scale develops, manufactures, and markets instruments and materials for biological research and life sciences, according to the firm’s website.

Medical building development and sales in South Florida are seeing an uptick. Last month, Memorial Healthcare System paid $49 million for 8.2 acres in Hollywood. Memorial plans to redevelop a two-story grocery store and a 156,000-square-foot retail building on the property into a possible health and wellness center.

In January, Boyd Watterson Asset Management acquired a Veterans Affairs clinic in Sunrise for $38.2 million. The 111,000-square-foot outpatient clinic provides military veterans with primary care, cardiology, dental, mental health, neurology, orthopedics and women’s health services, according to its website.

In December, ABS National Business Parks paid $38 million for a Palm Beach Gardens two-building complex that includes medical offices. The joint venture bought Corporate Center at the Gardens at 4200-4400 Northcorp Parkway.


Source:  The Real Deal