Colliers represented the buyer and seller in the sale of the 44,870-square-foot property.
West Palm Medical Plaza is situated within walking distance of the HCA Florida JFK North Hospital.
WEST PALM BEACH, FL, December 31, 2023 – Colliers is pleased to announce the sale of West Palm Medical Plaza for $8.25 million. The property is located at 4700 N Congress Avenue on a 5.11-acre parcel along a major north-south thoroughfare in northern Palm Beach County. The notable property is within walking distance of the HCA Florida JFK North Hospital and less than a ten-minute drive from St. Mary’s Medical Center. West Palm Medical Plaza’s proximity to two hospital systems creates a strong synergy between its tenants and patients through cohesive outpatient services programs.
Executive Vice President Mark Rubin, Vice President Bastian Schauer, Associate Jake Stauber, and Senior Financial Analyst Jared Mann of the Colliers South Florida Investment Services Team represented the seller, Triple Double Real Estate, and the buyer, Orbvest, in the transaction. Triple Double is a full-service, vertically integrated real estate investment, operations, and management firm specializing in designing creative and innovative value-add strategies that maximize returns to its portfolio. The buyer, Orbvest, is a global real estate investment company that invests in income-producing commercial healthcare assets across the U.S. while generating substantial cash dividends for its investors globally.
“In February 2020, Triple Double acquired the property amidst a challenging pandemic environment, with an initial occupancy of approximately 60%,” said Schauer. “Through strategic efforts, ownership successfully elevated the occupancy rate to an impressive 90% by attracting high-caliber, long-term tenants with enhanced spaces featuring top-quality finishes.”
Recently renovated in 2011, the three-story property offers abundant parking and convenient access to community amenities and additional economic drivers. The building is five minutes from South Wind Plaza, a Publix-anchored shopping center, and fifteen minutes from The Gardens Mall, the Central Business District of Downtown West Palm Beach, and the Palm Beach International Airport.
The successful sale of West Palm Medical Plaza is a testament to the thriving healthcare industry in Palm Beach County. Despite the challenges posed by the pandemic, the healthcare real estate sector has demonstrated resilience, characterized by heightened demand and declining vacancy rates. With a burgeoning population, in-migration trends, and a growing elderly demographic, healthcare providers are strategically expanding their practices to meet the escalating demands of the community. The landlord’s ability to increase occupancy rates and the sale of this building underscores the strength and vitality of Palm Beach County’s medical office market, which spans 11.4 million square feet and currently boasts a 94 percent occupancy rate, with West Palm Beach accounting for 12 percent of the County’s medical office inventory.
Let us know if you’re interested in speaking with the team about this deal or West Palm Beach market activity.
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