Anchor Health Properties purchased a Class A medical office building in Palm Beach Gardens for $24.3 million.
Charlottesville, Virginia-based Anchor Health Properties bought the 75,424-square-foot property at 3401 PGA Boulevard for $322 per square foot, according to a press release. Gardens Medical Pavilion, LLC, tied to New York-based Lightstone Group, sold the property.
Cushman & Wakefield’s Scott O’Donnell, Michael Ciadella, Dominic Montazemi, Greg Miller and Miguel Alcivar represented the seller, Gardens Medical Pavilion, LLC in the sale.
The medical office tower features an on-site Walgreens pharmacy and diagnostics lab, and covered and underground parking for tenants. The property is near Palm Beach Gardens Medical Center, Jupiter Medical Center and North County Surgery Center.
The retail center last traded for $20.8 million in 2007, records show. It was built in 1995.
The medical office center’s tenants include Florida Cancer Specialists, the University of Miami, Gastro Group of the Palm Beaches and Pediatric Partners.
Anchor Health has more than 5 million square feet of healthcare assets under management. The company was founded by Lou Sachs and Paula Crowley, who began their development careers at the shopping mall development firm Rouse Co. of Columbia, Maryland, according to Anchor’s website.