Oil chief buys office building next to JFK Medical Center in West Palm

Trades breaks down to about $130 psf

Miami /
Apr.April 12, 2018 04:30 PM

2051 & 2151 45th Street and Augustus C. Miller (Credit: SF Partners and Smithsonian Libraries)

A medical office building next to the north campus of the JFK Medical Center in West Palm Beach just traded hands for $9.5 million, property records show.

SF Partners sold the 73,500-square-foot medical center at 2051 and 2151 45th Street to Augustus C. Miller, who heads the fuel distribution company Miller Oil. The trade breaks down to about $130 per square foot.

Records show SF Partners, a Miami-based real estate development and management firm, paid $7.8 million for the building in February 2016 – meaning it sold for a roughly 18 percent gain in two years. The building sits on about 3 acres of land, just north of the intersection of 45th Street and Congress Avenue, near downtown West Palm Beach. Tenants include a mix of physicians, therapists and other medical services.

SF Partners owns a mix of commercial properties throughout Florida and Georgia, according its website.

Late last year a similar medical office building next to the main campus of the JFK Medical Center in Atlantis traded hands for $11.25 million.

Miller Oil is headquartered in Norfolk, Virginia. The Millers have homes in Virginia Beach, Washington, D.C., and Palm Beach, according to published reports.


Related Articles

arrow_forward_ios
From left: BlackRock's Larry Fink and Related Companies' Stephen Ross in front of 360 South Rosemary Avenue in West Palm Beach (Getty Images, LoopNet)
BlackRock lands in West Palm Beach
BlackRock lands in West Palm Beach
Tricera Capita's Ben Mandell with rendering of The Press project (Tricera Capital)
Lease roundup: Tricera scores tenants in West Palm, Boca
Lease roundup: Tricera scores tenants in West Palm, Boca
Brand Atlantic Real Estate Partners managing partners Andrew Dance and Adam Demark, and renderings of the two buildings at 300 Banyan Boulevard and 111 Olive Avenue (Brand Atlantic Real Estate, Getty)
JV scores $87M construction loan for West Palm Beach office projects
JV scores $87M construction loan for West Palm Beach office projects
Domenic Gatto and Banyan Cay Resort and Club (Linkedin, Banyan Cay, Illustration by The Real Deal with Getty)
Developers of troubled West Palm resort project facing $61M foreclosure
Developers of troubled West Palm resort project facing $61M foreclosure
Related chairman and CEO Jorge Pérez in front of 4906 North Flagler Drive (Related, Getty Images, Zillow)
Standard Oil heiress’ widower sells waterfront West Palm Beach estate to Related Group for $16M
Standard Oil heiress’ widower sells waterfront West Palm Beach estate to Related Group for $16M
From left: One Flagler in West Palm Beach, 830 Brickell in Brickell, and Eighteen Sunset in Miami Beach (Getty, Related Southeast, LoopNet, Koniver Stern Group)
Spurred by new-to-market firms, South Florida office rents hit record highs
Spurred by new-to-market firms, South Florida office rents hit record highs
Rendering of the Olara development by New York-based Savanna in West Palm Beach with Savanna's Chris Schlank (Arquitectonica, Illustration by The Real Deal)
Olara is latest residential high-rise development planned in West Palm Beach
Olara is latest residential high-rise development planned in West Palm Beach
Extra Space Storage's Joseph Margolis with 401 N Military Trl and 2300 N Military Trl (Loopnet, Extra Space Storage)
Double scoop: Extra Space Storage drops $29M for two West Palm Beach complexes
Double scoop: Extra Space Storage drops $29M for two West Palm Beach complexes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...