Private equity firm sells West Palm medical offices at discount

The property last sold for $5.7M in 2013

Miami /
Aug.August 04, 2020 03:30 PM
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.

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.


Related Articles

arrow_forward_ios
Clockwise from top: Kenneth, Robert and Bradley Fishel with Aventura Corporate Center (Getty)
Renaissance Properties sells Aventura office complex for $140M
Renaissance Properties sells Aventura office complex for $140M
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Landlords keep raising office space rents despite a grim outlook for vacancy rates (Getty)
Miami office vacancy rates reach Great Recession levels
Miami office vacancy rates reach Great Recession levels
CP Group Managing Partner Angelo Bianco with One Town Center (CP Group)
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
5900 Northwest Broken Sound Parkway and Pebb Enterprises President and CEO Ian Weiner (CBRE, Pebb)
Pebb Enterprises buys Boca Raton office building for $15M
Pebb Enterprises buys Boca Raton office building for $15M
The Coral Gables office building (United Dream Real Estate, Getty)
Dental clinic buys distressed Coral Gables office building for $7M
Dental clinic buys distressed Coral Gables office building for $7M
arrow_forward_ios

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

Loading...