Toronto REIT buys Juno Beach rehab center for $25M

NorthWest Healthcare Properties REIT acquired Beach House Center for Recovery

Miami /
Apr.April 28, 2022 01:30 PM
NorthWest Healthcare's Paul Dalla Lana with 13211 US Highway 1 (NorthWest Healthcare Properties, Google Maps)

NorthWest Healthcare’s Paul Dalla Lana with 13211 US Highway 1 (NorthWest Healthcare Properties, Google Maps)

A Toronto-based real estate investment trust bought a Palm Beach County rehab center for $25.4 million as part of a $600 million national portfolio deal.

An affiliate of NorthWest Healthcare Properties REIT, led by CEO Paul Dalla Lana, is the new owner of the 107-bed Beach House Center for Recovery at 13211 US Highway 1 in Juno Beach, according to records.

The 63,209-square-foot alcohol and drug treatment center is among 27 health care properties in 10 states NorthWest bought from Chicago-based Harrison Street Real Estate, according to a press release. In 2019, Harrison Street paid $21.5 million for the 5-acre property, records show.

Beach House Center for Recovery consists of four buildings completed in 1985, 1995 and 1999. The facility offers substance abuse treatment, medical detox and outpatient programs, according to Beach House’s website.

A JLL team specializing in health care real estate marketed the portfolio on behalf of Harrison Street, the release states. The properties total 1.2 million square feet, are 97 percent occupied and are located in Florida, Arizona, California, Colorado, Illinois, Indiana, Massachusetts, Minnesota, Oklahoma and Texas. In Florida, in addition to Beach House, NorthWest also acquired a rehab facility in Tampa as part of the blockbuster deal.

Health care real estate is likely to go through a boom this year with about $25 billion of capital expected to be deployed in the sector, according to a CBRE report. Last year, the health care sector’s deal volume was just under $16 billion, the report states.

In South Florida, Miami investor Antonio “Tony” Hernandez recently paid $12.7 million for an office building in west Miami-Dade County with a majority of medical tenants.

In December, ShareMD acquired two Boynton Beach medical office buildings for $38.1 million, and Miami-based Gomez Development Group landed a $45 million loan to build a medical office building in Aventura.





    Related Articles

    arrow_forward_ios
    13th Floor's Arnaud Karsenti and Wexford's Joseph Jacobs and Philip Braunstein with rendering of The Residences of Palm Beach West (13th Floor Investments, Wexford Real Estate Investors, Arquitectonica)
    Arnaud Karsenti’s 13th Floor, Wexford propose 25-story apartment tower in downtown West Palm
    Arnaud Karsenti’s 13th Floor, Wexford propose 25-story apartment tower in downtown West Palm
    Google Street View of the properties at 551 Southeast Eighth Street and 551 Southeast Fifth Avenue in Delray Beach with CDS International Holdings founder Carl DeSantis (Google Maps, CDS Holdings)
    Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
    Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
    Buyer Armen Avanessians and 157 Peruvian Avenue (Goldman Sachs, Realtor.com, iStock)
    Former Goldman Sachs exec drops $12M on Palm Beach home
    Former Goldman Sachs exec drops $12M on Palm Beach home
    Anchor Health’s Ben Ochs and Starwood's Barry Sternlicht with 8100 Southwest 10th Street (Anchor Health Properties, Getty, Colliers)
    Starwood sells UM-leased medical office building in Plantation for $46M
    Starwood sells UM-leased medical office building in Plantation for $46M
    Skye Louis' Jud Henry with Keyes' Steven Reibel and Mike Pappas (LinkedIn, The Keyes Company, iStock)
    Keyes acquires 140-agent brokerage in Broward, Palm Beach
    Keyes acquires 140-agent brokerage in Broward, Palm Beach
    Larry Ellison and Jim Clark and 2000 South Ocean Boulevard (Getty, Sotheby’s)
    Oracle founder Larry Ellison pays $173M for Jim Clark’s Manalapan estate
    Oracle founder Larry Ellison pays $173M for Jim Clark’s Manalapan estate
    South Florida homes
    South Florida home sales plunge in May, as prices continue rising
    South Florida home sales plunge in May, as prices continue rising
    From left: United States Polo Association Chairman Stewart Armstrong (buyer) and Mark Bellissimo (seller) (USPA, LinkedIn/Mark Bellissimo, Google Maps)
    Mark Bellissimo sells International Polo Club Palm Beach for $95M
    Mark Bellissimo sells International Polo Club Palm Beach for $95M
    arrow_forward_ios

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

    Loading...