MIAMI—Columbia Professional Center, a 69,178-square-foot medical office complex on the campus of West Palm Hospital, has traded hands. The sale price: $7.8 million, or $113 per square foot. The asset is 66% occupied, leaving a value-add opportunity on the table.
Cushman & Wakefield executive director Scott O'Donnell and senior director Dominic Montazemi, director Miguel Alcivar, senior associate Greg Miller, and senior director Jason Hochman represented both the seller and the buyer. The seller was AW Property; the buyer, SF Partners.
“Columbia Professional Plaza presented a highly desirable, value-add investment opportunity for on-campus, fee-simple medical office buildings,” O'Donnell tells GlobeSt.com. “With sufficient capital infused, the buildings will be poised to return to stabilization.”
Columbia Professional Center includes two three-story medical office buildings constructed in 1985 on a three-acre parcel at 2051–2151 45th Street. The healthcare real estate buildings underwent renovations in 2007, including new roofs. The medical office buildings are connected directly to West Palm Hospital via a covered pedestrian walkway.
“Unlike most on-campus medical office buildings, Columbia Professional Center is not encumbered with any ground lease with the hospital,” says O'Donnell. “SF Partners will be able to enjoy the strategic advantages of its location without hospital-imposed restrictions.”
The medical office building's tenants include HCA, MetCare of West Palm Beach, Palm Beach Neurology, Comprehensive Pain Management Services and Quest Diagnostics. Cushman & Wakefield Research reports positive market indicators across the Palm Beach County office market. Vacancy is down while net absorption and average asking rates are increasing.
“The Palm Beach County office market continued to gain velocity, as leasing activity totaled 1.7 million square feet year-to-date, a 38.4% increase year-over-year,” wrote senior research analyst Valerie Tatum in the firm's Q4 2015 Palm Beach County Office MarketBeat Report. “Much of the leasing activity is due to organic growth as companies work to 'right size' their teams after a period of downsizing.
“The move towards stabilization has allowed the market to absorb 419,888 square feet in 2015, continuing a seven-year streak of positive annual absorption. The Palm Beach County office market continues to enjoy a stable growth period on solid job growth, a trend that will remain throughout 2016.”
MIAMI—Columbia Professional Center, a 69,178-square-foot medical office complex on the campus of West Palm Hospital, has traded hands. The sale price: $7.8 million, or $113 per square foot. The asset is 66% occupied, leaving a value-add opportunity on the table.
Cushman & Wakefield executive director Scott O'Donnell and senior director Dominic Montazemi, director Miguel Alcivar, senior associate Greg Miller, and senior director Jason Hochman represented both the seller and the buyer. The seller was AW Property; the buyer, SF Partners.
“Columbia Professional Plaza presented a highly desirable, value-add investment opportunity for on-campus, fee-simple medical office buildings,” O'Donnell tells GlobeSt.com. “With sufficient capital infused, the buildings will be poised to return to stabilization.”
Columbia Professional Center includes two three-story medical office buildings constructed in 1985 on a three-acre parcel at 2051–2151 45th Street. The healthcare real estate buildings underwent renovations in 2007, including new roofs. The medical office buildings are connected directly to West Palm Hospital via a covered pedestrian walkway.
“Unlike most on-campus medical office buildings, Columbia Professional Center is not encumbered with any ground lease with the hospital,” says O'Donnell. “SF Partners will be able to enjoy the strategic advantages of its location without hospital-imposed restrictions.”
The medical office building's tenants include HCA, MetCare of West Palm Beach, Palm Beach Neurology, Comprehensive Pain Management Services and
“The Palm Beach County office market continued to gain velocity, as leasing activity totaled 1.7 million square feet year-to-date, a 38.4% increase year-over-year,” wrote senior research analyst Valerie Tatum in the firm's Q4 2015 Palm Beach County Office MarketBeat Report. “Much of the leasing activity is due to organic growth as companies work to 'right size' their teams after a period of downsizing.
“The move towards stabilization has allowed the market to absorb 419,888 square feet in 2015, continuing a seven-year streak of positive annual absorption. The Palm Beach County office market continues to enjoy a stable growth period on solid job growth, a trend that will remain throughout 2016.”
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