West Palm Medical Plaza in West Palm Beach, FL has been purchased by WPB Medical Office LLC, an affiliate of a local investment group, for $5.2 million.
The three-story, 43,797-square-foot, multi-tenant property, located at 4700 N. Congress Ave., is currently 63% leased; occupied by seven medical-related tenants. The building is subject to a long-term ground lease.
Situated on 5.1 acres of land, the medical office building was originally built in 1987 and underwent renovations in 2011.
Located near Interstate 95 and 45th St. in northern Palm Beach County, the property offers access to Palm Beach International Airport, Downtown West Palm Beach and the nearby Mangonia Park Tri-Rail Station. The property is additionally situated in close proximity to JFK Medical Center and St. Mary’s Medical Center.
Colliers International Florida’s executive director, Harry Blyden and senior associate, Bastian Laggerbauer represented the seller in the transaction and brokered the sale.
“At a time of so much uncertainty, medical office buildings remain a bright spot in commercial real estate,” Blyden stated. “Closing this deal required overcoming several challenges but the tenacious efforts and cooperation of all parties involved in the transaction made it possible. More than ever, it pays off thinking outside the box and having strong relationships in the real estate market.”
The healthcare real estate sector has continually experienced increased demand and low vacancy rates within South Florida, due to the area’s expanding, aging population.
“We’re very pleased to have represented the owners of West Palm Medical Plaza in the sale of this rare, value-add opportunity involving a highly-desirable medical office space in the Palm Beach County market,” says Laggerbauer. “Investors and users are aware of the space supply constraints in South Florida at a time when demand is being fueled by demographic changes, advances in technology, and policy changes. The medical office sector remains attractive in terms of both stability and diversification with demand peaking to 3.6 million square feet of space across South Florida over the past three years.”