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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