Easton & Associates advised ShareMD, a healthcare real estate and physician practice solution company, on the value-add acquisition of a 31,747-square-foot medical office building in Boynton Beach, Florida. ShareMD paid $6.45 million in the off-market deal that closed May 21. The seller was Redfearn Capital.
The two-story building, located at 2828 S. Seacrest Boulevard, across the street from Bethesda Hospital East, is approximately 84% occupied. It is anchored by Orthopaedic Surgery Associates. Other key tenants include an imaging center, rehab center and an OBGYN clinic.
“Boynton Beach’s robust population growth and the building’s proximity to a major hospital owned by Baptist Health, fits perfectly with ShareMD’s investment strategy to acquire on-campus medical office assets in South Florida,” said LaBreche, who represents ShareMD throughout Florida. “By investing capital to modernize the building, my client hopes to improve occupancy and drive rent growth over time.”
Alpharetta, Georgia-based ShareMD has been making a big push into Florida to roll out its co-working medical suite concept which is already up and running in five Southern California locations. The company builds out clinical space for doctors and other medical professionals and then leases it by the half-day, day, week or month—allowing physicians to expand their geographic reach and save money by not being tied into long-term rents.
The Boynton Beach transaction represents the seventh medical building acquired by ShareMD in the past 20 months and increases its portfolio to 13 properties and over a million square feet of owned healthcare assets in Florida and California.