Cushman & Wakefield Reps Seller In Disposition Of Medical Pavillion

Cushman & Wakefield represented 14000 S Military Trail LLC in its $6.9 million sale of Delray Beach Medical Center in Delray Beach.

Cushman & Wakefield’s Scott O’Donnell, Mike Ciadella, Greg Miller and Miguel Alcivar teamed with Gino Lollio and Travis Ives, Co-Heads of Cushman & Wakefield’s U.S. Healthcare Capital Markets group, to represent the seller in its transaction to Benlee Asset Management.

Cushman & Wakefield’s Scott O’Donnell, Mike Ciadella, Greg Miller and Miguel Alcivar teamed with Gino Lollio and Travis Ives, Co-Heads of Cushman & Wakefield’s U.S. Healthcare Capital Markets group, to represent the seller in its transaction to Benlee Asset Management.

Located at 14000 S. Military Trail, Delray Beach Medical Pavilion totaled 36,041 square feet and is currently 63.4% leased, with 88% of the occupied space dedicated to healthcare users. The property boasts a prominent location along South Military Trail, a major thoroughfare with approximately 38,500 passing vehicles per day and is within a few minutes’ drive from Delray Medical Center and two Baptist Health-owned hospitals. Its access to nearby Interstate 95 and Florida’s Turnpike offers easy connectivity to eight regional hospitals in under 30 minutes. The property also stands out as one of two properties within the submarket with covered parking, a highly valued amenity by doctors and their patients.

“Delray Medical Pavillion, surrounded by dense residential neighborhoods, presents a rare value-add opportunity to acquire a community-serving boutique medical office building that will benefit from heightened medical demand well into the future,” said O’Donnell, Cushman & Wakefield Executive Managing Director. “With future CAPEX and other improvements planned by the buyer to reposition the asset, the property is uniquely positioned to add medical tenants in a market with high barriers to entry and an extremely limited pipeline of new MOB development.”