PALM BEACH, FL—Healthcare real estate in Boca Raton, FL is seeing some traction this month. Grove Centre, a 52,253-square-foot medical office building, sold for about $7 million.
The medical office building is located at 21301 Powerline Road. The healthcare real estate is 86% leased. CBRE represented both the seller and the buyer, Kas Grove LLC, based in Coral Gables, FL.
“This continues the trend we are seeing of domestic and international investors seeking well-located office assets with some vacancy to provide upside through lease up,” says CBRE senior vice president Scott O'Donnell. "We received extremely strong interest from local, national and foreign private capital investment firms, and the top three bids came from equity sources based in Miami, Argentina and Canada."
Located in a highly visible area with direct frontage on Powerline Road, a main throughway, Grove Centre offers three levels of professional medical/office space sitting on about 3.46 acres. The medical office building is next to the affluent residential neighborhood of Boca Grove.
In addition to O'Donnell, CBRE Private Capital Group professionals involved in the transaction include vice president Dominic Montazemi, vice president Jason Hochman, and associate Miguel Alcivar.
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