Weston medical office building trades for $17M

Buyer financed deal with $22M loan

2229 North Commerce Parkway in Weston and Montecito CEO Chip Conk (Google Maps, Montecito)
2229 North Commerce Parkway in Weston and Montecito CEO Chip Conk (Google Maps, Montecito)

A two-story medical office building in Weston sold for $17.2 million.

Two affiliates of Montecito Medical Real Estate sold the 32,559-square-foot building at 2229 North Commerce Parkway to another affiliate of Montecito named MMAC Pix Weston FL SPE LLC, records show. The deal was financed with a $22.3 million loan from BMO Harris Bank.

Montecito, based in Nashville, Tennessee, is led by CEO Chip Conk.

Montecito affiliates Weston Surgery SPE LLC and MMPC Maine I LLC had paid $11.5 million for the property in 2017. At the time, it was 95 percent leased, according to a Montecito press release. The building, known as Weston Medical Surgical Pavilion, was completed in 1999.

The majority of the entire first floor is occupied by the Weston Outpatient Surgical Center, a 13,750-square-foot ambulatory surgery center, according to the release.

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Weston is a hot submarket in Broward. In May, Banyan Street Capital closed on a two-building office complex there for $52.25 million.

A slate of high-profile medical buildings in Miami-Dade and Broward have traded in recent months.

Last month, Birmingham, Alabama-based Medical Properties Trust acquired five hospital sites and medical office buildings from Tenet Healthcare for $900 million.

In Boynton Beach, ShareMD beefed up its South Florida portfolio with the $6.5 million acquisition of a 31,747-square-foot medical office building at 2828 South Seacrest Boulevard.

In April, Alliance Consolidated Group of Companies sold a Hallandale Beach medical office building for $5.9 million that is fully leased to a dialysis center.