The Offering
CBRE’s Healthcare Capital Markets Group is pleased to exclusively offer the West Palm Medical Plaza (the “Property”) for purchase, a three-story medical office building on a ±5.13-acre parcel in West Palm Beach, Florida. The Property was originally constructed in 1987 and was substantially renovated in 2012. The 43,797-square foot, multi-tenant facility is located directly across North Congress Avenue from HCA’s JFK Medical Center North Campus (fka West Palm Hospital), a 245-bed acute care hospital that has provided healthcare services to the residents of West Palm Beach and surrounding communities since 1975. The Property features a covered patient drop-off area and offers 223 surface parking spaces or approximately 5.09 spaces per 1,000 square feet
West Palm Medical Plaza is currently 91.2% occupied by a synergistic mix of tenants including West Palm Medical Group (part of HCA), The Medical Group of South Florida, and Atlantic Kidney Center. The Property is subject to a long term ground lease with the hospital and has a remaining term of approximately 84 years, including extension options.
Investment Highlights
- Strategic Location Adjacent to HCA’s JFK Medical Center North Campus
- Easily Accessible from Interstate 95 and Tri-Rail
- Recent Renovations by Ownership
- Diverse Tenant Mix
- Well-Leased with Favorable Net-Lease Structure
- Appealing Aging Trends
- Positive Physician Employment Trends
- Delivered Free and Clear of Existing Debt
Investment Summary
| Offering Price | Best Offer |
| Address | 4700 North Congress Avenue, West Palm Beach, FL |
| Building Size | 43,797 SF |
| Year Built | 1987 Ren. 2012 |
| Occupancy | 91.20% |
| In-Place NOI: | $564,705 |
Contact Information
CBRE U.S. Healthcare Capital Markets Group
Lee Asher
Executive Vice President
+1 404 504 5965
lee.asher@cbre.com
Chris Bodnar
Executive Vice President
+1 303 628 1711
chris.bodnar@cbre.com
CBRE Local Market Contact CBRE Debt & Equity Finance
Anthony Librizzi
West Palm Beach Brokerage
+1 561 227 1808
anthony.librizzi@cbre.com
Greg Greene
Senior Vice President
+1 214 979 5617
greg.greene@cbre.com
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