Gardens Medical Pavilion

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PALM BEACH COUNTY, FL—Gardens Medical Pavilion, LLC has soldGardens Medical Pavilion, a 75,424-square foot Class A medicaloffice tower here to Charlottesville, Va.-based Anchor HealthProperties for $24.3 million, or $322 per square foot. Cushman& Wakefield negotiated the sale.

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Gardens Medical Pavilion is a five-story medical office towerdeveloped in 1991 on a 4.71-acre site. The asset features aporte-cochère, an on-site Walgreens pharmacy and diagnostics lab,covered and underground parking for tenants, and visibility alongPGA Boulevard.

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Cushman & Wakefield Capital Markets Executive Director ScottO'Donnell tells GlobeSt.com that Anchor Health Properties plans tospend about $3 million for upgrades.

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"Demand for medical space is strong, especially for small tomidsize spaces within highly visible buildings with good parkingand where landlords are willing to provide sufficient capital tofund tenant build out," O'Donnell says.

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The building was 84.3% leased at the time of sale. Occupancyincreased nearly 15% in the 18 months preceding the sale. Notabletenants include Florida Cancer Specialists, the University ofMiami, Gastro Group of the Palm Beaches and Pediatric Partners.

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Gardens Medical Pavilion is located one-quarter mile east ofInterstate 95 and less than three miles from Florida's Turnpikealong PGA Boulevard, providing easy access for all of Palm BeachCounty's affluent population. It is located within minutes of PalmBeach Gardens Medical Center, Jupiter Medical Center and the NorthCounty Surgery Center, which creates steady demand from numerousdoctors and medical practices. The property is also within walkingdistance to premium amenities such as the 1.4-million-square-footThe Gardens Mall, Legacy Place and the District at the Gardens.

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