Elliott Family Sells West Palm Plaza to Real Estate Broker

An entity managed by broker Kenneth J. Mantovani III bought a medical office and retail plaza in West Palm Beach for $18 million.

Mantovani purchased the commercial center at 8120, 8132, 8136, 8140, 8144, 8146 and 8170 Okeechobee Boulevard from an entity managed by Richard, Patricia, Grant and Tucker Elliott, according to records. The buyer borrowed $17.6 million in seller financing.

The property consists of six one-story buildings spanning a total of 41,200 square feet, as well as a 3.1-acre parking lot, property records show. Four buildings were completed in 2006 and two buildings were completed in 2016.

Tenants at the plaza include preschool O2B Kids, medical laboratory Quest Diagnostics, Progress Pharmacy and Disha’s Eyebrow Threading and Skincare.

Medical offices remain resilient to South Florida’s office market slowdown largely because they are immune to hybrid work. Generally, medical offices command higher rents and strong occupancy because tenants tend to renew leases, experts said.

Leasing by health care providers has remained steady this year. In Coral Gables, Nicklaus Children’s Hospital leased 67,700 square feet at Columbus Center at 1 Alhambra Plaza. Cleveland Clinic plans a 120,000-square-foot outpatient center at the 15 CityPlace tower that Steve Ross’ Related Ross is developing in West Palm Beach.

In recent medical office sales, Värde Partners and Unity Medical Properties paid $14.5 million in July for the Laser and Surgery Center of the Palm Beaches at 3602 Kyoto Gardens Drive in Palm Beach Gardens.

Retail sales also keep flowing in South Florida. This month, Miami Heat minority owner and retail investor Raanan Katz bought the Publix-anchored Shoppes at Monarch Lakes at 14303 Miramar Parkway in Miramar for $16.4 million. That came on the heels of Midtown Miami co-developer Jon Samuel selling the fully leased Sawgrass Landing plaza at 13713, 13775 and 13999 West Sunrise Boulevard in Sunrise for $30 million. Investors Yakov Cohen and Shimon Bouskila bought the shopping center.

Last month, Acadia Realty Trust paid $68 million for the Pinewood Square plaza and six outparcels at 6330 Lantana Road in Lake Worth Beach.