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An investor is continuing his South Florida office shopping spree, scooping up a West Palm Beach property for $7 million.

Allen Chelminsky, through his affiliate Palm Beach Lakes Corporate Center, bought two office buildings at 2001 and 2007 Palm Beach Lakes Boulevard from Ganzer Brothers, a company managed by Glen Ganzer, a deed shows. Chelminsky took out a $5.6 million mortgage from Ganzer Brothers.

The purchase includes a one-story, 10,206-square-foot medical office building; and a five-story, 39,442-square-foot office building that also allows for medical offices, according to property records. The buildings were built in 1973 and 1974.

Ganzer Brothers bought the buildings in 2001 for $4.4 million from 2001 Partners, an affiliate of Royal Landscaping in Boynton Beach, a deed shows.

Chelminsky’s latest purchase follows his acquisition in October of the two-tower office complex Concept II in Lake Worth Beach for $10.9 million. In July 2019, Chelminsky bought another pair of office buildings at 7100 West Commercial Boulevard and 7200 West Commercial Boulevard in Lauderhill for $5 million.

The investor is focusing on medical offices, as both buildings he bought in 2019 are medical offices, and a healthcare services firm occupies the property he bought last year.

In Chelminsky’s most recent acquisition, the smaller one-story building is occupied by an MD Now Urgent Care.


Source:  The Real Deal

In life, three things seem certain: death, taxes and investor demand for medical office space.

A company managed by North Miami real estate investor Allen Chelminsky bought two medical office buildings in Lauderhill for $5 million, records show.

The 33,290-square-foot properties are at 7100 West Commercial Boulevard and 7200 West Commercial Boulevard. J & J Properties, managed by John Ekstrom of Coral Springs and Jeth Battisto of Boca Raton, sold the commercial development for $150 per square foot.

The Class B office development was built in 1985 and house doctors’ offices, records show. The properties were last purchased for $2.5 million in 2002, records show.

Chelminsky’s family owns a portfolio of apartment buildings throughout Miami-Dade County. In June 2018, Chelminsky sold an apartment and commercial complex at 14560 Northeast Sixth Avenue in North Miami, consisting of 82 apartments and a 15,000-square-foot commercial building, for $13 million.

A number of medical office buildings have traded hands in South Florida over the past few years for prices that are significantly above their last sale prices. Some of the demand could be due to the aging population of baby boomers who need more medical care. Medical office buildings are also seen as recession-proof and a safe bet for investors looking to buy real estate near the end of the cycle.

In May, the Toledo, Ohio-based investment firm Welltower purchased a 54,484-square foot medical office building at 2901 Coral Hills Drive in Coral Springs for $18.35 million.


Source: The Real Deal