PALM BEACH, FL—Columbia Medical Plaza, 43,797-square-foot medical office park at 4700 North Congress Avenue in West Palm Beach, FL, has traded hands. Dallas-based Velocis West Palm, LP acquired the medical office asset from Jupiter, FL-based FLF Columbia, LLC for $5.702 million.

“We received a tremendous amount of interest from investment firms that have historically focused on traditional office assets but, like this buyer, are increasingly allocating equity toward medical office buildings in South Florida,” says Scott O'Donnell, senior vice president with CBRE's Private Capital Group in Boca Raton, who represented the seller. “Positive demographic trends, such as the continued in-migration of seniors to the region, makes this type of asset extremely attractive to investors.”

Built in 1987, Columbia Medical Plaza is located directly across from the 250-bed West Palm Hospital, owned by Hospital Corporation of America. The healthcare real estate was 84% occupied at the time of the sale.