The Real Deal Miami

Palm Beach Gardens surgery center sells for $14M

2-acre property last sold for $5M in 2006

July 01, 2015 03:00PM
By Katherine Kallergis

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John Thomas, 3602 Kyoto Gardens Drive, and John Thomas

Physicians Realty Trust CEO John Thomas, 3602 Kyoto Gardens Drive, and CIO John Thomas

The Laser & Surgery Center of the Palm Beaches’ building sold at a significant markup, according to a deed recorded in Palm Beach County records on Wednesday. 

A company tied to Milwaukee, Wisconsin-based Physicians Realty Trust paid just more than $14 million for the nearly 2-acre 3602 Kyoto Gardens Drive in Palm Beach Gardens. It’s located near the Gardens Mall and a Hilton Garden Inn, just north of PGA Boulevard.

LSPB Real Estate LLC, a company headed by doctors Evan Rosen, Richard Margolies, David Mittleman and Andrew Ostapchuk, sold the 20,377-square-foot building to the publicly traded healthcare real estate investment trust.

The surgery center, built in 2003, includes seven operating rooms, two procedure rooms and 18 private recovery areas, according to its website. It last sold for $5 million in February 2006, according to the Palm Beach property appraiser.