Colliers Facilitates Sale Of MOB In West Palm

Colliers announced the leasehold interest sale of West Palm Medical Plaza for $8.25 million. The property is located at 4700 N Congress Avenue on a 5.11-acre parcel along a major north-south thoroughfare in northern Palm Beach County, within walking distance of the HCA Florida JFK North Hospital and less than a ten-minute drive from St. Mary’s Medical Center.

West Palm Medical Plaza’s proximity to two hospital systems creates a strong synergy between its tenants and patients through cohesive outpatient services programs.

Executive Vice President Mark Rubin, Vice President Bastian Schauer, Associate Jake Stauber, and Senior Financial Analyst Jared Mann of the Colliers South Florida Investment Services Team represented the seller, Triple Double Real Estate. The buyer, Orbvest, was not represented by a broker.

Triple Double is a full-service, vertically integrated real estate investment, operations, and management firm specializing in designing creative and innovative value-add strategies that maximize returns to its portfolio. The buyer, Orbvest, is a global real estate investment company that invests in income-producing commercial healthcare assets across the U.S. while generating substantial cash dividends for its investors globally.

“In February 2020, Triple Double acquired the property amidst a challenging pandemic environment, with an initial occupancy of approximately 63%, quickly dropping to about 23% due to the market environment,” said Schauer. “Through strategic efforts, ownership successfully elevated the occupancy rate to almost 100% by attracting high-caliber, long-term tenants with enhanced spaces featuring top-quality finishes.”

Continuously renovated throughout the years, the three-story property offers abundant parking and convenient access to community amenities and additional economic drivers. The building is five minutes from South Wind Plaza, a Publix-anchored shopping center, and fifteen minutes from The Gardens Mall, the Central Business District of Downtown West Palm Beach, and the Palm Beach International Airport.

The successful sale of West Palm Medical Plaza is a testament to the thriving healthcare industry in Palm Beach County. Despite the challenges posed by the pandemic and the high-interest environment, the healthcare real estate sector has demonstrated resilience, characterized by heightened demand and declining vacancy rates. With a burgeoning population, in-migration trends, and a growing elderly demographic, healthcare providers are strategically expanding their practices to meet the escalating demands of the community. The landlord’s ability to increase occupancy rates and the sale of this building underscores the strength and vitality of Palm Beach County’s medical office market, which spans 11.4 million square feet and currently boasts a 94 percent occupancy rate, with West Palm Beach accounting for 12 percent of the County’s medical office inventory.