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Geneva JV acquires Royal Palm Beach medical office complex for $15M
Deerfield Beach-based firm and its partner bought Regal Medical Center
A joint venture involving a Deerfield Beach-based real estate investment firm paid $15 million for a Palm Beach County medical office complex.
Affiliates of Geneva Group and its partner, Syosset, New York-based VM Petro, acquired Regal Medical Center at 1011-1021 North State Road 7 in Royal Palm Beach, according to records. The price breaks down to $426 a square foot.
Geneva, led by Managing Partner Jarred Elmar, owns 39 percent, and VM Petro, managed by Manoj Narang, owns 61 percent of the five-building property, the deed shows. Southstate Bank provided a $10.5 million mortgage to the buyers.
The seller, an entity managed by Robert, Patricia, Grant and Tucker Elliott of West Palm Beach, paid $776,000 for the land in 2001, records show. The five buildings, completed between 2002 and 2003, total 35,200 square feet.
Regal Medical Center was fully leased at the time of purchase, and tenants include Palm Beach Health Center and Select Physical Therapy, according to an online listing.
In an email, Elmar said Geneva currently owns 1.3 million square feet of retail and industrial properties, primarily in Florida, and some in Georgia. In South Florida, the company owns the Geneva Springs shopping center in Coral Springs, and the 22-unit condominium Gen Boca Towers in Boca Raton, according to Geneva’s website. In January, Geneva launched a real estate fund that aims to raise $25 million for the acquisition of net lease assets with tenants such as Starbucks, Dunkin’ and Dollar General across the U.S., according to a press release.
Amid a surge in South Florida office building deals in recent months, a handful of investors are betting on the health care submarket. In April, Toronto-based NorthWest Healthcare Properties REIT paid $25.4 million for Beach House Center for Recovery, a substance abuse rehab facility in Juno Beach.
Also last month, Miami investor Antonio “Tony” Hernandez bought Fontainebleau Park Office Plaza in the Fontainebleau area of unincorporated Miami-Dade. Hernandez paid $12.7 million for the two-story building, which is primarily leased to medical office tenants.