FL Medical Office Building Trades for $6M

By Tudor Scolca

Boynton West Professional Center

TopMed Realty has acquired the Boynton West Professional Center in Boynton Beach, Fla., for $5.5 million. The company purchased the health care and medical office buildings from Hews Woolbright. Avison Young represented the seller in the transaction. 

The two buildings, totaling 32,593 square feet, are located at 1700 and 1800 W. Woolbright Road. Boynton West Professional Center has frontage alongside one of the metro’s major thoroughfares—Interstate 95. The JFK Medical Center and Bethesda Hospital are within a short distance from the property. Other nearby destinations include retail stores, restaurants and bars. The current tenant roster includes, among others, Doctors Hearing & Balance Center, Kindred at Home, Another Level Health and several individual medical offices. Boynton West Professional Center is currently 80 percent occupied.

“The leasing and management teams led by Gary Gottlieb stabilized the asset by securing lease renewals, increased occupancy by 20 percent and oversaw valuable property improvements, allowing us to achieve leading market prices in an accelerated timeline. We secured an aggressive buyer who was attracted to the highly visible and easily accessible location of the property,” said Avison Young Principal Mark Rubin, in a prepared statement. Rubin and Principal Gary Gottlieb brokered the deal. 

Recently, Commercial Property Executive reached out to Avison Young Principal Julie Johnson, to discuss how new policies are affecting the health-care industry and the reasons for the ‘retailization’ of health care.

Image courtesy of Avison Young