ShareMD scores again in Boynton Beach, acquiring medical offices for $38M

Alpharetta, Georgia-based firm bought two buildings totaling 100K sf

ShareMD scores again in Boynton Beach, acquiring medical offices for $38M
ShareMD CEO John Bardis and the medical offices at 10151 Enterprise Center Blvd and 7593 W Boynton Beach Blvd in Boynton Beach (Google Maps, Vitalis, ShareMD)

ShareMD is bullish on Boynton Beach, acquiring two medical office buildings for $38.1 million just seven months after dropping $6.5 million for a health care property there.

In an off-market deal, the Alpharetta, Georgia-based health care real estate and technology firm acquired Boynton Beach Medical Plaza at 10151 Enterprise Center Boulevard and the Ansca Medical Plaza at 7593 West Boynton Beach Boulevard, according to a press release. The buildings total about 100,000 square feet.

ShareMD financed the purchase with a loan from Prime Finance, the release states. The amount was not disclosed.

The seller, Cleveland-based Woodside Health, acquired Boynton Beach Medical Plaza for $14.8 million in 2017 and bought Ansca Medical Plaza for $13.4 million last year, records show.

Elliot LaBreche and Abigail Kind of Vitalis arranged the sale. Labreche and Kind also brokered the sale of a 31,747-square-foot medical office building in Boynton Beach to ShareMD in May. ShareMD paid $6.5 million for that property.

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Completed in 2007, the 50,684-square-foot Boynton Beach Medical Plaza’s tenant roster includes Quest Diagnostics, Urology Center of South Florida and SimonMed Imaging.

MedExpress Urgent Care, Perfect Smile Dentistry and Hearing Partners of South Florida are among the tenants in the 20,547-square-foot Ansca Medical Plaza, which was built in 2005, records show.

In a statement, Labreche said both buildings are 86 percent leased and have collected 100 percent of rents during the pandemic, proving that medical office properties “outperform during economic downturns.”

With the Boynton Beach acquisitions, ShareMD has pumped up its South Florida portfolio with 900,000 square feet of medical office space the last two years, the release states. The company entered the market in 2019 when ShareMD purchased two medical office buildings in South Miami and Coral Gables for $33.1 million.

Medical office investors have been active in Broward and Palm Beach counties. In September, affiliates of Montecito Medical Real Estate sold a medical office building in Weston for $17.2 million. The same month, Healthcare Trust of America bought a Boca Raton medical office complex for $50 million.

In October, IRA Capital paid $16 million for an outpatient center, also in Boca Raton.