The seller achieved 25% asset appreciation in 14 months with a strategic value-add plan.
The assisted living and memory care facilities are located in Boca Raton and Lantana.
This is the first healthcare office in the development and joins a growing number of businesses and restaurants opening in that area.
The project would cost about $16 million and construction should take about a year.
Built in 1986, the two-story, 40,000-square-foot building is situated on 4.2 acres of land and has onsite parking.