Cushman & Wakefield Represents Sellers In $33.6M Sale Of Boca’s Del Mar Medical Park

Cushman & Wakefield represented locally based IP Capital Partners and Atlanta-based The Ardent Companies (Ardent) in the $33.6 million sale of Del Mar Medical Park to Cypress West in partnership with TPG/Angelo Gordon.

Cushman & Wakefield’s Capital Markets team—Scott O’Donnell and Mike Ciadella in South Florida, together with Gino Lollio and Travis Ives, Co-Heads of U.S. Healthcare Capital Markets—led the transaction on behalf of IP Capital Partners.

Located at 7301 and 7301A W. Palmetto Park Road in Boca Raton, Del Mar Medical Park consists of two boutique medical office buildings totaling 101,546 square feet. IP Capital Partners acquired the property in 2021 and invested more than $4 million in transformative renovations, including new roofing, modernized elevators and lighting, upgraded security systems, and refreshed landscaping. Following these improvements, occupancy increased to 92%, with more than 50 tenants across 20 medical specialties.

The property benefits from excellent accessibility, with proximity to Interstate 95 and Florida’s Turnpike, placing it within 10 minutes of Boca Raton Regional Hospital and West Boca Medical Center, and within 30 minutes of an additional 10 major hospitals. The surrounding community features some of the nation’s most attractive demographics, including an average household income of $163,311 and 19% population growth over the past 15 years.

“IP Capital executed a transformational repositioning of two 1980s-era, predominantly professional office buildings—previously only 60% occupied—into a premier, healthcare-focused campus that is now over 90% occupied and generating strong investor interest,” said O’Donnell. “Although already stabilized and performing well, the property offers additional upside through the conversion of remaining commercial suites into medical office use, enabling further rent premiums.”