PALM BEACH GARDENS, FL-With $18.75 million in bridge financing, West Palm Beach-based Applefield Waxman has acquired the 77,469-sf Palm Beach Gardens Medical Pavilion medical office building on PGA Boulevard.
Bob Dockerty, of Delray Beach-based Dockerty Romer & Co., arranged the financing for the transaction. Principal Commercial Acceptance provided non-recourse, 24 months of interest only Libor-based bridge financing.
Constructed in 1995, Palm Beach Gardens Medical Pavilion is a five-story, class A building that is approximately 80% leased. The buyer plans to do minor cosmetic renovations to attract additional tenants to bring the building to 100% occupancy.
"Applefield Waxman bought the building from Tenet Healthcare, which is shedding non-core assets across the country," Dockerty says.
According to a CB Richard Ellis Q4 Palm Beach County office market report, demand for office space is brisk, which is driving up rental rates. Average rental rates at the end of the quarter were $19.34, up from $17.11 per sf a year ago.
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