Colliers Negotiates West Palm MOB Sale-Leaseback
Colliers Senior Vice President Kim Kretowicz of USA Capitals Market Group/Healthcare Services negotiated the transaction.
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Colliers Senior Vice President Kim Kretowicz of USA Capitals Market Group/Healthcare Services negotiated the transaction.
Adam Talbot and Jeff Hartsook negotiated the lease transactions.
The transit-oriented landmark development comprising nearly 2.3 million square feet will revolutionize modern living in the heart of the city.
Tom Smith represented the seller and Edward Schmidt represented the buyer.
The $244-per-square-foot transaction underscores the attractiveness of medical office assets as overall office sale activity has slowed.
The site’s zoning allows for 44 units, three stories in height, with a total buildable area of 126,341 square feet by right.
Jeffrey Cebula, Senior Associate of the firm’s Tenant Representation Division, finalized the lease transaction on behalf of the tenant.
Brian Gale and Edward Quinon of Cushman & Wakefield represented the landlord in the lease negotiations. Holland & Knight LLP was represented by Todd Lippman and Shay Pope of CBRE.
The ten-year lease is expected to commence in November 2023 upon completion of tenant improvements.
University Station will provide 216 units of workforce housing, a 635-space parking garage, and a new home for Barry University College of Nursing and Health Services.
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