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California healthcare REIT sells medical office in Atlantis

The 30,745 sf facility sold for about $365 psf

5503 South Congress Avenue Suite 101, Glenn Preston HCP’s Senior Vice President of Acquisitions (Credit: hcpi.com)
5503 South Congress Avenue Suite 101, Glenn Preston HCP’s Senior Vice President of Acquisitions (Credit: hcpi.com)

A medical office next to the main campus of the JFK Medical Center in Atlantis just traded hands for $11.25 million, Palm Beach County property records show.

An entity of the national hospital operator HCA bought the facility at 5503 South Congress Avenue 101, records show. The company’s revenue for 2016 was $41.5 billion, according to published reports.

Healthcare real estate investment trust, HCP Inc., sold the 30,745-square-foot facility for about $365 per square foot. The Irvine, California-based REIT paid $1.4 million for the facility in 1998, records show, meaning it sold the facility for more than seven times its original cost.

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Built in 1993, the medical office sits on a 2.2-acre lot. The address is linked to a kidney dialysis center called Fresenius Kidney Care Atlantis.

HCA, which previously employed Florida Governor Rick Scott as its chairman and CEO, operates 170 hospitals and more than 115 freestanding surgery centers, according to published reports.

Last month, it invested in a shopping center and emergency room in Davie for $22 million.

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Commercial Real Estate