Professional Centre Sells For $170 PSF

Avison Young completed the $5.5 million sale of Boynton West Professional Centre, a set of twin buildings totaling 32,593 square feet at 1700-1800 West Woolbright Road in Boynton Beach.

Avison Young Principals Mark Rubin and Gary Gottlieb represented the seller, Hews Woolbright, LLC, in the disposition to TopMed Realty Acquisitions, LLC.

At 80 percent leased with medical and professional tenants, Boynton West Professional Centre was a value-add opportunity strategically located just half a mile west of Interstate 95, proximate to the JFK Medical Center, Bethesda Hospital, restaurants, and retail.

“We were initially retained by our client to provide full-service leasing and management to ultimately market and sell the property,” said Rubin. “The leasing and management teams led by Gary Gottlieb, stabilized the asset by securing lease renewals, increased occupancy by 20 percent, and oversaw valuable property improvements, allowing us to achieve leading market prices in an accelerated timeline. We secured an aggressive buyer who was attracted to the highly visible and easily accessible location of the property and the potential to lease it up with strong medical tenants.”

According to Avison Young’s second quarter 2018 Palm Beach County office market report, demand remains strong in Boynton Beach with no new development in the pipeline (and the same for several surrounding submarkets), consistent zero vacancy in class A space, and absorption posting at 22,728 square feet from space leased in class B assets.

Source: CRE-sources

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