Gardens Medical Pavilion in Palm Beach Gardens sold for $24.3 million, according to Cushman & Wakefield.
Gardens Medical Pavilion LLC, a joint venture between West Palm Beach-based AW Property Co. and Dallas-based Behringer Harvard Opportunity REIT, sold the 75,424-square-foot medical office building at 3401 PGA Blvd. to Charlottesville, Virginia-based Anchor Health Properties. The price equated to $322 per square foot.
The property last traded for $20.86 million in 2007. The building was developed on the 4.7-acre site in 1995. It includes an on-site Walgreens pharmacy and diagnostics lab.
It’s near the Gardens Mall.
“Gardens Medical Pavilion is widely considered one of the premier medical office buildings in North Palm Beach County and is the only medical office building along PGA Boulevard,” said O’Donnell. “The property provided investors with a rare, value-add, Class A medical office opportunity with excellent leasing momentum and requiring only minor renovations in one of Palm Beach County’s strongest micromarkets.”
The seller was represented by Cushman & Wakefield’s Scott O’Donnell, Michael Ciadella, Dominic Montazemi, Greg Miller, Miguel Alcivar, Anthony Librizzi and Michael H. Feldman.
Cushman & Wakefield said the building is 84.3% leased, with occupancy increasing nearly 15% over the past 18 months. Tenants include Florida Cancer Specialists, the University of Miami Health, Gastro Group of the Palm Beaches and Pediatric Partners.