SRS Arranges Sale Of Single-Tenant Healthcare Property In South Florida
SRS Real Estate Partners’ National Net Lease Group has arranged the $5.9 million sale of a property leased to ChenMed, a medical provider focused on the care of senior citizens.
The 13,635-square-foot property is located at 4998 10th Ave., 10 miles southwest of downtown West Palm Beach.
ChenMed’s lease is corporate-guaranteed and has nine years remaining. The property, which sits on three acres, was originally developed in 1999 for Walgreens, which occupied the space until last year. The seller, The Morgan Cos., renovated the building specifically for ChenMed, which located there in 2019.
Patrick Nutt and Andrew Fallon of SRS represented the Charlotte, N.C.-based seller in the transaction. Cornerstone Commercial Realty represented the buyer, a Seminole, Fla.-based private investor completing a 1031 exchange.
Source: RE Business