This core-plus medical office asset was acquired in December 2023 by AccretivPARTNERS, a few individual VIP investors, and the seller who remained invested. The opportunity has become available as a consequence of the Seller looking to extract their capital to acquire a distressed building. We are looking for a suitable investor to take up the available equity at the same value that was set at the time of the acquisition.
The property is situated at 4700 N Congress Avenue, West Palm Beach, Florida, and is a well-maintained medical office building. The property is within South Florida’s northernmost county, Palm Beach County. The property is a multi-tenant medical office building that is mostly 100% occupied.
The ownership is an 80-year leasehold interest owned by Columbia Hospital and has an annual rent of one hundred dollars ($100) each year. The condition of the leasehold gives the hospital a Right of First Refusal to lease vacant space at the property. The property was constructed in 1987 and underwent renovation in 2011 & 2021. The property is situated on a 5.11-acre parcel along Congress Avenue, a major north-south thoroughfare that sees an average annual traffic count of 28,000 vehicles per day.
Notably, West Palm Medical Plaza is proximate to, and within very brief walking distance of the HCA Florida JFK North Hospital campus, which also abuts Congress Avenue. The property is also less than a 10-minute drive from St. Mary’s Medical Center.
The proximity to these hospital systems provides a strong synergy between the property’s tenants and patients through their cohesive outpatient services programs.
The opportunity has become available as a consequence of the Seller having an urgent need to extract their capital.
We are looking for a suitable investor to take up the available equity at the same value that was set at the time of acquisition.
This is a stable core-plus building with a healthy tenant mix and almost full occupancy. The value-add component is achievable by extending the WALT of the leases as they get closer to expiry, together with the restructuring of floor plans to include small dead spaces.
Accretiv manages the building and remains close to the tenants to ensure they are happy and renew when approached. During tenant interviews on acquisition, it was established that the building is attractive because of its location within a thriving medical office submarket and a short distance between two hospital campuses.
Data suggests that the area is poised for continuous growth, and this will drive demand for more healthcare services.
The property is situated at 4700 N Congress Avenue, West Palm Beach, Florida, and is a well-maintained medical office building. The property is within South Florida’s northernmost county, Palm Beach County. The property is a multi-tenant medical office building that is mostly 100% occupied.
The ownership is an 80-year leasehold interest owned by Columbia Hospital and has an annual rent of one hundred dollars ($100) each year. The condition of the leasehold gives the hospital a Right of First Refusal to lease vacant space at the property. The property was constructed in 1987 and underwent renovation in 2011 & 2021. The property is situated on a 5.11-acre parcel along Congress Avenue, a major north-south thoroughfare that sees an average annual traffic count of 28,000 vehicles per day.
Notably, West Palm Medical Plaza is proximate to, and within very brief walking distance of the HCA Florida JFK North Hospital campus, which also abuts Congress Avenue. The property is also less than a 10-minute drive from St. Mary’s Medical Center.
The proximity to these hospital systems provides a strong synergy between the property’s tenants and patients through their cohesive outpatient services programs.
The opportunity has become available as a consequence of the Seller having an urgent need to extract their capital.
We are looking for a suitable investor to take up the available equity at the same value that was set at the time of acquisition.
This is a stable core-plus building with a healthy tenant mix and almost full occupancy. The value-add component is achievable by extending the WALT of the leases as they get closer to expiry, together with the restructuring of floor plans to include small dead spaces.
Accretiv manages the building and remains close to the tenants to ensure they are happy and renew when approached. During tenant interviews on acquisition, it was established that the building is attractive because of its location within a thriving medical office submarket and a short distance between two hospital campuses.
Data suggests that the area is poised for continuous growth, and this will drive demand for more healthcare services.
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