Tag Archive for: bastian laggerbauer

$45.5M Off-Market Sale Highlights Demand For Medical Office Space

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Colliers and Avison Young closed on the sale of Crossroads III, a suburban Class A medical office building located at 8100 SW 10th Street in Plantation.

Executive Managing Director Mark M. Rubin, Director Bastian Laggerbauer, and Financial Analyst Jake Stauber of the Colliers South Florida Investment Services Team collaborated with Justin Cope and Greg Martin of Avison Young in representing the buyer, Anchor Health Properties.

The off-market transaction totaled $45.5 million or $475 psf.

“The South Florida market continues to thrive and see high demand for medical office properties with strong tenancy,” said Rubin. “In this highly competitive market, we’re pleased to have assisted our client within a short timeframe in acquiring a high-quality asset that will complement their existing national portfolio.”

The medical office building is leased long-term to the University of Miami (UM) Hospital. The University of Miami Health System focuses on delivering leading-edge patient care by the region’s best doctors, powered by groundbreaking research and medical education. UM plans to expand to the entire property and add a state-of-the-art 15,000-square-foot radiotherapy center.

“This was a prime opportunity for the buyers to acquire a class A medical office asset leased by a credit long-term tenant, off-market, prior to the asset being widely marketed,” said Laggerbauer. “The buyer already owns another asset leased by UM.”

Anchor Health Properties is a national full-service healthcare real estate company focused exclusively on medical facilities. The Virginia-based company fosters strong programmatic relationships within healthcare, real estate, and finance with more than $1 billion of completed development projects, more than 7.5 million square feet under management, and more than $2 billion invested in stabilized healthcare facilities.

Plantation is home to some of the leading healthcare and medical office tenants in South Florida, including the University of Miami Health System, Sunshine State Health, Humana, Aetna, and Masa Global. Broward County, mainly Plantation, is an attractive investment market due to its proximity to dense residential neighborhoods, corporate campuses, and hospitals such as Plantation General Hospital, Mercy Hospital, Memorial Hospital, and HCA Florida University Hospital, all within an 8-mile radius of the city.

Limited medical office construction continues to keep the supply tight and rents competitive, currently at $32.28 per square foot gross. Demand for medical office space has been elevated since the pandemic’s start as the product type proved to be resilient, high-yielding, and recession-proof. The outlook for medical offices remains positive as the healthcare needs in South Florida continue to expand in line with population growth.

 

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Medical And Professional Building Sells For 75% Increase In Less Than One Year

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An Atlanta and South African-based buyer, OrbVest US, Inc., recently closed on Congress Executive Center, a 4-story medical and professional building located at 1301 N. Congress Avenue in Boynton Beach.

The property, which was 100% occupied, closed on May 12 for $11 million.

Executive Managing Director Mark M. Rubin, Director Bastian Laggerbauer, and Financial Analyst Jake Stauber of Colliers’ South Florida Investment Services Team represented the seller, Triple Double Real Estate (Andrew “Avi” Greenbaum and Jeremy B. Becker) in the transaction. Andy Belew of Consilium Capital Partners represented the buyer.

“The trade of Congress Executive Center represents a 75% increase in value from its previous purchase price, less than one year ago,” said Rubin. “This sale is indicative of the strong demand for stabilized medical office properties with solid fundamentals, sound in-place tenancy and investor confidence in the Boynton Beach submarket.”

The 40,210-square-foot, 4-story, medical and professional office is located on nearly 2 acres, adjacent to the Boynton Beach Mall, which has plans for a major redevelopment. With plans for abundant shopping, dining, and entertainment across the street, Congress Executive Center stands out as one of the most strategically located medical and professional office buildings in the area.

“Congress Executive Center is a great addition to the buyer’s current and impressive portfolio of healthcare real estate,” said Laggerbauer. “The seller was able to increase the property’s value significantly by attracting strong medical tenancy to the asset and achieving a 100% occupancy rate.” 

The office investment market in South Florida broke records in 2021, despite uncertainties surrounding the coronavirus pandemic and return to the office delays. South Florida’s strong demand drivers like, declining unemployment, population growth, and confidence in the economy are creating an imbalance in supply and demand. Including Boynton Beach, there is limited supply of quality products with competitive buyers driving the price up; sales price per square foot increased 19 percent year-over-year, ending in 2021 at $285. Boynton Beach, amongst the rest of South Florida, is expected to see another strong year for office investment. However, high demand and limited supply will likely remain imbalanced.

 

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West Palm Beach Medical Office Sells For $6.3 Million

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Colliers South Florida recently closed on the $6.3 million sale of 4601 N. Congress Avenue in West Palm Beach.

The two-story, 25,453-square-foot medical office sold to 1460 Russell Road Associates, LP. Colliers South Florida Investment Services Team Mark M. Rubin, Executive Managing Director, and Bastian Laggerbauer, Director, represented the seller, 4601 North Congress, LLC, in the transaction.

4601 N. Congress is an on-campus, multi-tenant medical office building, not encumbered by a ground lease.

“As medical care is an essential service, coupled with South Florida’s favorable demographics, medical office opportunities remain a highly coveted asset class by investors,” said Rubin.

 

“Strategically located just off I-95 in the HCA owned and operated JFK Medical Center North Campus on the corner of Congress Avenue and 45th Street, the medical office building was 88 percent leased at the time of sale,” Laggerbauer added.

 

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West Palm Beach Medical Office Trades Hands

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.”

 

Source:  GlobeSt.

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