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(Crystal Proenza is associate editor of Real Estate Florida.)

DEERFIELD BEACH, FL-Dana Medical Properties Inc., an entity controlled by locally based Med-Care Pharmacy, has purchased two buildings totaling 45,510 square feet at 1052 Powerline Road for $3.6 million. The medical company, which owns its 15,000-square-foot headquarters building less than a mile away at 330 SW 15th St., will use its newly purchased assets to expand its operations. Med-Care acquired the buildings from original developer Sam Butters and Nathan Butters, owners of Butters Real Estate, says Jeffrey Scott, senior vice president of brokerage with Fort Lauderdale-based Brenner Real Estate Group, who represented the buyer and sellers in the transaction.

Med-Care services over 30,000 patients with its medical prescriptions, diabetic supplies and specialty diabetic shoes. The company is expanding its call operations into the 24,480 square foot building, and will renovate the 100% built out space. “Butters Realty constructed the building as the corporate headquarters for ADT, but it has been vacant for over a year,” he reveals. Med-Care will use half of the second building, which contains 21,030 square feet of office and distribution space, for order fulfillment, while the other half is leased to an in-place tenant.

The deal was brought to completion thanks to the buyer’s access to cash and previous relationship with a bank, says Scott. Med-Care assumed an existing mortgage on the property in order to avoid a pre-payment penalty of $360,000, he adds.

The sale is an example of a dynamic that’s been going on in the market since last year, Scott tells GlobeSt.com. “Instead of leasing new space or continuing to lease at a present facility, users are buying existing product to move in to. Leasing is challenge and there is more space coming to the market every month and existing product isn’t leaving the market. With interest rates so low, if a company is doing okay financially, has access to cash and has a relationship with a bank, they’re looking to buy buildings,” he says.

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