PALM BEACH, FL—Healthcare real estate is changing hands in South Florida—and it’s not all about the mega deals. Even smaller medical office buildings are seeing traction in a market where there’s little new healthcare real estate construction.
CBRE arranged the sale of an 11,000-square-foot medical office building at 1450 South Dixie Highway in Boca Raton, FL. Dr. Alan. J. Bauman, a nationally recognized hair restoration surgeon, acquired the property for $1.625 million from 1450 Dixie LLC.
“This follows a trend for well-established medical groups identifying buildings for long-term ownership and increased control of operating costs,” says Dominic Montazemi, vice president with CBRE‘s Private Capital Group. “The building provided an ideal location and signage opportunity for the established practice.”
Bauman plans to use the building to establish a medical campus and surgical center for his practice, Bauman Medical Group. The practice is currently located at Wharfside Boca Pointe.
Located on 0.73 acres close to Mizner Park and U.S. Highway 1, 1450 South Dixie Highway is a multi-level medical offie building with recessed lighting, modern staircases and mahogany floors. The CBRE Private Capital Group of Montazemi, senior vice president Scott O’Donnell, and associate Miguel Alcivar represented the seller.
Despite the lack of new construction, the Boynton Beach area is getting some new healthcare real estate soon. Regions Bank made a $4.65 million mortgage loan to Hagen Ranch Medical Center to build a 36,000-square-foot class A medical office building.