Gardens Medical Pavilion
PALM BEACH COUNTY, FL—Gardens Medical Pavilion, LLC has sold Gardens Medical Pavilion, a 75,424-square foot Class A medical office tower here to Charlottesville, Va.-based Anchor Health Properties for $24.3 million, or $322 per square foot. Cushman & Wakefield negotiated the sale.
Gardens Medical Pavilion is a five-story medical office tower developed in 1991 on a 4.71-acre site. The asset features a porte-cochère, an on-site Walgreens pharmacy and diagnostics lab, covered and underground parking for tenants, and visibility along PGA Boulevard.
Cushman & Wakefield Capital Markets Executive Director Scott O'Donnell tells GlobeSt.com that Anchor Health Properties plans to spend about $3 million for upgrades.
"Demand for medical space is strong, especially for small to midsize spaces within highly visible buildings with good parking and where landlords are willing to provide sufficient capital to fund tenant build out," O'Donnell says.
The building was 84.3% leased at the time of sale. Occupancy increased nearly 15% in the 18 months preceding the sale. Notable tenants include Florida Cancer Specialists, the University of Miami, Gastro Group of the Palm Beaches and Pediatric Partners.
Gardens Medical Pavilion is located one-quarter mile east of Interstate 95 and less than three miles from Florida's Turnpike along PGA Boulevard, providing easy access for all of Palm Beach County's affluent population. It is located within minutes of Palm Beach Gardens Medical Center, Jupiter Medical Center and the North County Surgery Center, which creates steady demand from numerous doctors and medical practices. The property is also within walking distance to premium amenities such as the 1.4-million-square-foot The Gardens Mall, Legacy Place and the District at the Gardens.
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