PALM BEACH, FL—How much demand is there for medical office space in South Florida? We find one indication at the Groves Medical Plaza in West Palm Beach.
Avison Young just secured a tenant to lease over 25% of a newly constructed medical office building within 30 days of certificate of occupancy issuance. Groves Medical Plaza is the first medical office property to come online in West Palm Beach in recent years. The a two-story, 22,000-square-foot medical office building is located at 13475 Southern Boulevard in Loxahatchee.
Gary Gottlieb, a principal with Avison, represented the landlord, Groves Medical Plaza, in the 5,700-square-foot new lease with Prettelt Center for Family Health. Prettelt is a family practitioner that will also provide urgent care services, which plans to take occupancy at the building by the end of 2014.
“Medical office condos were in vogue prior to the economic shift and passage of healthcare reform legislation,” says Gottlieb. “However, now we are seeing fervent demand for quality medial office space for lease and the brisk interest in this property is evidence of such.”
Although new medical construction is rare in this submarket, Gottlieb says Groves Medical Plaza's location just west of the Palms West Hospital, Wellington Regional Hospital, and other medical centers will complement the growing needs of the area. The medical office building comes equipped with hurricane impact glass and a backup generator, among other amenities.
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