Värde, Unity Medical partner up for West Palm Gardens office acquisition

Värde Partners and Unity Medical Properties are partnering up to acquire a medical office building in Palm Beach Gardens.

An affiliate of Värde, a Minneapolis-based global investment firm, and Unity, a Monterey, California-based medical office real estate investment firm, paid $14.5 million for Laser and Surgery Center of the Palm Beaches. The joint venture also obtained $8.7 million in seller financing, records and real estate database Vizzda show. 

The seller, an affiliate of Denver-based Healthpeak Properties, paid $14 million in 2015 for the single-story building that sits on 1.9-acres on 3602 Kyoto Gardens Drive, records show. That’s only a gain of about 3.5 percent in value in nine years for the 21-year-old building. 

It was also one of the smaller South Florida medical office deals in recent months. 

A former hospital campus sold for $37.7 million in March. Orlando-based Foundry Commercial and Greenwich, Connecticut-based Wheelock Street Capital acquired a vacant 30.7-acre complex in Boynton Beach from Bethesda Hospital, a subsidiary of Baptist Health South Florida.

Another Boynton Beach deal involved Boca Raton-based Kayne Anderson and Chicago-based Remedy Medical Properties acquiring a pair of two-story medical office buildings. The joint venture paid $20.5 million for the site in February. 

The previous month, New York University paid $33 million for a medical office development site in West Palm Beach. 

In April, Värde, led by Brad Bauer and Ilfryn Carstairs, played a role in a deed in lieu of foreclosure sale of a Miami Beach hotel. The company agreed to drop a foreclosure lawsuit in Miami-Dade Circuit Court against Santa Monica, California-based Raven Capital Management. As a result, Raven sold Kayak Miami Beach, a 51-key property at 2216 Park Avenue, for $13.6 million to Atlanta-based Trimont Realty Advisors. The sale price covered roughly the mortgage debt Raven allegedly owed Värde.

Also in April, Värde and David Weekley Homes paid $60 million for 606 home lots in two Phoenix suburbs. The joint venture is land banking the assemblages for future David Weekly projects.