The Real Deal Miami

Cushman guides $7.8M medical office sale in WPB

Palm Beach Gardens-based seller got $113 per square foot from Coral Gables-based buyer

March 06, 2016 11:00AM

  • Print
Scott O'Donnell of Cushman & Wakefield

Scott O’Donnell of Cushman & Wakefield

Commercial brokerage Cushman & Wakefield helped to negotiate the $7.8 million sale of a medical office complex on the campus of West Palm Hospital in West Palm Beach.

Palm Beach Gardens-based AW Property Co. sold the 69,178-square-foot office property to Coral Gables-based SF Partners for $113 per square foot.

A Cushman capital markets team led by executive director Scott O’Donnell and senior director Dominic Montazemi represented both the seller and the buyer in the sale of the office complex, called the Columbia Professional Center.

The complex at 2051-2141 45 Street in West Palm Beach is comprised of two three-story medical office buildings constructed in 1985 on a three-acre parcel. The buildings are connected to West Palm Hospital by a covered pedestrian walkway.

Cushman said the office complex was 66 percent occupied at the time of the sale.

“With sufficient capital infused, the buildings will be poised to return to stabilization,” O’Donnell said in a press release. “Unlike most on-campus medical office buildings, Columbia Professional Center is not encumbered with any ground lease with the hospital. SF Partners will be able to enjoy the strategic advantages of its location without hospital-imposed restrictions.”