Tag Archive for: george scopetta

Two Boynton Beach Medical Offices Sell For $38 Million

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ShareMD Properties paid $38.1 million to acquire a pair of office buildings near Boynton Beach.

Both sales were by affiliates of Cleveland-based Woodside Health. Palm Beach County has a growing senior population, so there’s strong demand for medical office space.

Elliot LaBreche and Abigail Kind of Vitalis brokered the deals.

“This transaction solidifies ShareMD’s position as one of the largest medical office owners in the market,” said George Scopetta, chief investment officer of Alpharetta, Georgia-based ShareMD, which was founded in 2018 to acquire medical office space.

Boynton Medical Properties, an affiliate of Woodside, sold the 49,884-square-foot medical office at 10151 Enterprise Center Blvd. It was built on the 5-acre site in 2007.

West Boynton Medical Properties, also part of Woodside, sold the 49,708-squre-foot medical office building at 7593 Boynton Beach Blvd. It was completed on the 4.2-acre site in 2005.

Woodside acquired the building on Enterprise Center Boulevard or $14.8 million in 2017, and then the building on Boynton Beach Boulevard for $13.4 million in 2020.

“We created a win-win for ShareMD and Woodside Health when we pitched the opportunity to acquire both assets in 2020” LaBreche said. “These buildings are 86% leased and 100% of rents have been collected during the pandemic reinforcing the investment thesis that medical office outperforms during economic downturns.”

 

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ShareMD Acquires Additional South Florida MOB, Adding To Growing Healthcare Portfolio

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ShareMD, a healthcare real estate and physician practice solution company with corporate office in Alpharetta, Georgia, has closed escrow on a 33,974-square-foot multi-tenant medical office atop .97 acres in Ft. Lauderdale, Florida. Benjamin Silver of Marcus & Millichap represented both Buyer and Seller. The purchase price was not disclosed.

This purchase represents the ninth medical office property purchased by ShareMD in the past eighteen months, and increases ShareMD’s total portfolio to fifteen properties and approximately one million square feet of owned healthcare real estate assets in Florida and California. ShareMD is funded by private equity firm Martis Capital.

“We’re excited to continue ShareMD’s growth in the healthcare facility sector with this acquisition”, said ShareMD’s Chairman and CEO John Bardis. Bardis, the former Assistant Secretary of the US Department of Health & Human Services as well as the founder and former head of MedAssets, continued, “ShareMD provides a range of healthcare space and technology solutions, and this addition to our portfolio provides for additional capabilities in the South Florida marketplace”.

ShareMD has acquired a dozen healthcare and medical/professional properties in the past two years totaling almost 850,000 sf in Florida in addition to its 170,000 sf California healthcare portfolio.

“We were attracted to this opportunity to further expand our portfolio in South Florida”, said ShareMD founder and Chief Investment Officer, George Scopetta. “And, our team’s private equity backing and our track record of nearly one million square feet of properties purchased over the past three years provided the seller with confidence that we could close quickly, and with certainty.”

The purchase was financed by a loan from American National Insurance Company facilitated by Pacific Southwest Realty Services (PSRS) Genworth Life Insurance Company. Greenberg Traurig provided legal counsel, and title services were provided by Chicago Title. Additional purchase transaction support was provided by ShareMD Asset Management, a healthcare facility-focused management company which also manages ShareMD’s bicoastal portfolio.

 

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