Tag Archive for: mark rubin

$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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Professional Centre Sells For $170 PSF

Avison Young completed the $5.5 million sale of Boynton West Professional Centre, a set of twin buildings totaling 32,593 square feet at 1700-1800 West Woolbright Road in Boynton Beach.

Avison Young Principals Mark Rubin and Gary Gottlieb represented the seller, Hews Woolbright, LLC, in the disposition to TopMed Realty Acquisitions, LLC.

At 80 percent leased with medical and professional tenants, Boynton West Professional Centre was a value-add opportunity strategically located just half a mile west of Interstate 95, proximate to the JFK Medical Center, Bethesda Hospital, restaurants, and retail.

“We were initially retained by our client to provide full-service leasing and management to ultimately market and sell the property,” said Rubin. “The leasing and management teams led by Gary Gottlieb, stabilized the asset by securing lease renewals, increased occupancy by 20 percent, and oversaw valuable property improvements, allowing us to achieve leading market prices in an accelerated timeline. We secured an aggressive buyer who was attracted to the highly visible and easily accessible location of the property and the potential to lease it up with strong medical tenants.”

According to Avison Young’s second quarter 2018 Palm Beach County office market report, demand remains strong in Boynton Beach with no new development in the pipeline (and the same for several surrounding submarkets), consistent zero vacancy in class A space, and absorption posting at 22,728 square feet from space leased in class B assets.

Source: CRE-sources

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