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MDN Properties Gets Great Deal on 110,000-SF Hospital

MIAMI-The Boca Raton, FL-based real estate investment company purchased the 110,000-sf former Pahokee Memorial Hospital, built 20 years ago for $28 million, for the low price $500,000, or about $4.55 per sf-a figure broker Tom Prakas calls "unbelievable.

By Melissa Bogdany | Updated on March 25, 2003

MIAMI-MDN Properties, a real estate investment company based in Boca Raton, FL, may have just gotten the deal of the century. The company has purchased the Pahokee Memorial Hospital, which was built in the mid-80s for approximately $28 million, for $500,000. That equates to about $4.55 per sf.

“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.”

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