Thank you for your interest in the Columbia Professional Center. At this timewe would like to remind you that the bid due date is set for Wednesday, May 20, 2015 at 5:00pm Eastern Standard Time.
Offering Overview
Columbia Professional Ctr. 2051-2151 45th Street West Palm Beach, FL 33407
- Price: $9,000,000
- Building Size: 69,178 SF
- Price/PSF: $130
- Acres: 3.03±
- Occupancy: 66.0%
- Built: 1985
The Offering
CBRE, Inc., acting as exclusive agent, is pleased to offer for sale Columbia Professional Center (“Property”), which comprises two three-story, on-campus medical office buildings totaling 69,178 sq. ft. The Property is adjacent to the newly repositioned, 254-bed West Palm Hospital (previously Columbia Hospital) and boasts a connection to the hospital via covered pedestrian walkway. This feature is strongly preferred by doctors and provides a competitive advantage vis-à-vis other medical office properties in the submarket.
Unlike most on-campus MOBs, the Property is not encumbered by any ground lease with the hospital. Therefore, investors in the Property will be able to enjoy its strategic location advantage with no hospital-imposed restrictions. The West Palm Beach medical market is characterized by rapid growth and high procedure volumes, with medical office visits projected to increase by 8.94% over the next five years. With strategic capital investments and tenant improvements, an investor will be able to add significant value by leasing up the Property from 66.0% in an environment of rising market rental rates and increased medical office visits.
Investment Highlights
- On-campus medical office asset at newly repositioned West Palm Hospital
- Owned fee simple, with no ground lease, deed restrictions, or tenant limitations that typically hinder on-campus medical properties
- Near immediate access to I-95 via 45th Street
- Connected to hospital via covered pedestrian walkway
- Value-add opportunity given current occupancy at 66.0%
- Medical environment characterized by rapid growth and high procedure volumes, with medical office visits projected to increase by 8.94% over the next five years
- HCA, Inc. (S&P: BB / NYSE:HCA) is the largest tenant at the Property
- Tenants and guests have access to on-site surface parking in addition to unlimited access to the adjacent hospital’s parking spaces
- Long tenure of in-place tenancy and low historical vacancy (2005-2009)
For more information on this investment opportunity please visit our website at: http://www.cbremarketplace.com/columbiaprofessionalcenter
“Columbia Professional Center is an on-campus medical office asset, comprising two three-story buildings, located at the newly repositioned West Palm Hospital. Unlike many on-campus medical office properties that are generally encumbered by a ground lease, the Property is offered fee simple, allowing an investor to enjoy the advantages of being adjacent to the hospital without the typical hospital-imposed restrictions.”
For Property Inquiries or Tours:
Scott O’Donnell
Senior Vice President
Investment Properties
+1 561 393 1602
scott.odonnell@cbre.com
Lee Asher
Senior Vice President
Healthcare Capital Markets
+1 404 504 5965
lee.asher@cbre.com
Dominic Montazemi
First Vice President
Investment Properties
+1 561 393 1622
dominic.montazemi@cbre.com
Gregory Miller
Associate
Investment Properties
+1 561 393 1605
gregory.miller3@cbre.com
For Debt Financing Options Contact:
Jason Hochman
Vice President
Debt & Structured Finance
+1 305 381 6439
jason.hochman@cbre.com
CBRE, Inc.
Licensed Real Estate Broker
Learn more about our team! Click here
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