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Colliers International Florida Brokers $5.2 M sale of West Palm Medical Plaza

WEST PALM BEACH, Fla. (August 3, 2020) – Amid the raging COVID Pandemic, Colliers International Florida is pleased to announce that Executive Director Harry Blyden and Senior Associate Bastian Laggerbauer have brokered the $5.2 million sale of West Palm Medical Plaza in West Palm Beach, Florida. South Florida’s healthcare real estate sector remains robust and on solid footing as the area’s healthcare needs continue to expand with a growing and aging population as evidenced by the increasing demand and low vacancy rates in this sector.

 

Colliers International represented the seller,Velocis West Palm, L.P., an affiliate of a Dallas-based private equity real estate fund manager, in the transaction. The buyer was WPB Medical Office, LLC, an affiliate of a local investment group.  Situated on 5.13 acres, the three-story West Palm Medical Plaza is located at 4700 N. Congress Avenue in a significant medical office thoroughfare in northern Palm Beach County.  The 43,797-square-footmulti-tenant medical office building, which is subject to a long-term ground lease, was built in 1987 and underwent renovations in 2011. At time of sale, the property was 63% occupied.

 

“At a time of so much uncertainty, Medical office buildings remain bright spot in commercial real estate,” Blyden said. “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.” 

 

“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,” Laggerbauer said. “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.”

 

West Palm Medical Plaza is currently leased to seven medical-related tenants and presents an opportunity with upside potential and insulation from future operating expense increases. Additionally, the property provides ample parking and an opportunity for exterior building signage to rename the building.

 

West Palm Medical Plaza is strategically located near I-95 and 45th Street, providing exceptional access to Palm Beach International Airport and Downtown West Palm Beach and is additionally located near public transportation less than one mile from the Mangonia Park Tri-Rail Station. Additional market drivers include the JFK Medical Center- a 245-bed acute care HCA affiliated hospital, currently undergoing major renovations and improvements, with an adjoining 88-bed psychiatric unit- and St. Mary’s Medical Center- a 460-bed, acute care hospital that provides medical, surgical, obstetrical, pediatric, trauma and emergency services to a five-county area - located just 2.2 miles from the property.


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Harry Blyden

Executive Director - Capital Markets

Miami

Harry A. Blyden joins Colliers with more than 25 years of experience in real estate investment and sales, capital market transactions and asset and portfolio management. As Executive Director, Capital Markets, Mr. Blyden provides expert services in sales and financing of commercial real estate, as well as equity placement and structuring of real estate investments for individual and institutional investors, and also leads the receivership team on a variety of workout and receivership assignments. 

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