MB Real Estate bought a medical office building in Palm Beach Gardens for $13 million.
The Chicago-based investment firm purchased the 38,944-square-foot building at 900 Village Square Crossing for $333 per square foot. A company tied to Michael Fine of North Palm Beach sold the property.
The two-story office building sits on 5.1 acres within the Village Crossing Office Park. It was built in 2013. Property records do not list a previous sale price.
Tenants include Atlantis Orthopaedics, SurgCenter, Water’s Edge Dermatology, Metropolitan Health Partners and Canasi Medical Institute.
MB Real Estate is led by Chicago real estate veteran Peter Ricker. The company has developed more than 8 million square feet of commercial properties throughout the country, according to its website.
Medical office properties are regarded as some of the safest investments during a recession.
The sleepy town of Palm Beach Gardens is seeing more interest from developers. Late last year, Brookfield Asset Management paid nearly $218 million for the PGA National Resort & Spa in Palm Beach Gardens, marking the largest hotel sale in South Florida of the year. This summer, New York Life Insurance Co. bought The Financial Center at the Gardens for $71.8 million, in one of the Palm Beach County’s largest office sales this year.