Private equity firm sells West Palm medical offices at discount

The property last sold for $5.7M in 2013

4700 North Congress Avenue and Velocis Managing Partner Fred Hamm (Google Maps)
4700 North Congress Avenue and Velocis Managing Partner Fred Hamm (Google Maps)

A private equity group sold a medical office building in West Palm Beach for $5.2 million, a slight discount from its last sale price in 2013.

Dallas-based Velocis sold the 43,797-square-foot West Palm Medical Plaza at 4700 North Congress Avenue for $118 per square foot, records show. WPB Medical Office, LLC, led by Andrew Greenbaum of Boca Raton, bought the property.

Colliers International Florida’s Harry Blyden and Bastian Laggerbauer brokered the sale.

The building sits on 5.13 acres. It was built in 1987 and underwent renovations in 2011. At the time of the sale, the building was 63 percent occupied, leased to seven medical-related tenants, according to a press release.

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The property last sold for $5.7 million in Dec. 2013, records show.

West Palm Medical Plaza is near I-95 and 45th Street, with close access to Palm Beach International Airport and downtown West Palm Beach.

Medical office buildings were initially hit hard by the coronavirus pandemic, according to industry experts and lenders, since non-essential medical offices were ordered to close. But demand for the sector in recent years has been high due to the growing population of senior citizens and growing demand for senior living centers in South Florida.