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Palm Beach County Medical Offices Sell For $15 Million

April 21st, 2014

Three Palm Beach County medical office properties that are leased to an oncology provider were sold for $15 million, or $654 per square foot.

International Real Estate Acquisitions, led by Rajiv Patel, sold the properties to Scottsdale, Ariz.-based STORE Master Funding, which specializes in operating single-tenant occupied real estate.

In this case the single tenant is South Florida Radiology and Oncology, STORE Capital CEO Chris Volk said. The properties are highly improved, with thick walls to handle radiology devices.

The first transaction was STORE Capital’s $10.05 million purchase of the 9,754-square-foot medical office at 3343 South State Road 7 in Wellington plus a 7,300-square-foot medical office condo at 225 Chimney Corner Lane in Jupiter.

Then STORE Capital paid $4.99 million for the 5,952-square-foot medical office at 2301 W. Woolbright Ave. in Boynton Beach.

Citibank provided three mortgages for a combined $15.07 million on the three properties.

Volk said the company intends to buy the oncology provider’s headquarters condominium in Wellington at a later date.

“This is part of a larger relationship we have with the folks at South Florida Radiology and Oncology,” Volk said.“This is part of a larger relationship we have with the folks at South Florida Radiology and Oncology,” Volk said.

Source: SFBJ

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