"It was $4-something per sf. It was unbelievable," Tom Prakas, president/broker of The Prakas Group Inc. and the broker involved in the sale, tells GlobeSt.com. "It's probably one of the best deals made in Florida in the last five years."

The seller, the Palm Beach County Board of Health, had had the 110,000-sf hospital on the market for two years. "They were asking a much higher price, and then came down," Prakas says. The low price was agreed to by the county under certain conditions, including finding a buyer that can close very quickly, he says. "They just divested."

MDN Properties plans to redevelop the hospital into a private drug rehabilitation and therapy center. Since MDN is an investment company, it is doing this by leasing out all the space to private tenants. No leases had been finalized as of March 25, but deals were "very close," according to Prakas.