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Gale Properties Appoints CBRE Exclusive Leasing Agent For West Palm Office Property

July 11, 2023/in News/by SFOBA STAFF

The property features four floors of office space with high ceilings and hardwood floors, set above ground floor retail.

Plantation Medical Office Park Trades

July 3, 2023/in Done Deals, News/by SFOBA STAFF

The $244-per-square-foot transaction underscores the attractiveness of medical office assets as overall office sale activity has slowed.

Gale Properties Appoints CBRE Exclusive Leasing Agent For West Palm Office Property

July 11, 2023/in News/by SFOBA STAFF

The property features four floors of office space with high ceilings and hardwood floors, set above ground floor retail.

Plantation Medical Office Park Trades

July 3, 2023/in Done Deals, News/by SFOBA STAFF

The $244-per-square-foot transaction underscores the attractiveness of medical office assets as overall office sale activity has slowed.

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Gale Properties Appoints CBRE Exclusive Leasing Agent For West Palm Office Property

July 11, 2023/in News/by SFOBA STAFF

Gale Properties has appointed CBRE as the exclusive leasing agent for The Anthony Building, a historic five-story property in Downtown West Palm Beach.

Located at 312 Clematis St., the 25,000-square-foot property was originally constructed in 1925 as Anthony’s department store. Gale Properties acquired the property in 2016. Ownership plans to execute a capital improvement plan, including renovating the building’s exterior façade, installing a new elevator cab, and updating the common areas with new lighting and flooring.

“Now is the right time to invest in upgrading this iconic property. Clematis Street is experiencing an infusion of capital to transform the area into a high-end live-work-play area as evidenced by the addition of new residential options, Roxy’s announcement of its rooftop restaurant and pool addition, and the Anthony’s own Fitness Hub Studio recently named as one of the top twelve most beautiful gyms in the country,” said Gale Properties President Andrew Gale.

CBRE Senior Associate Max Pawk will lead leasing efforts on behalf of Gale Properties with spaces ranging from 500 square feet to 4,000 square feet of contiguous space available for lease.

“The Anthony Building has been a staple in the heart of Downtown West Palm Beach for many years. Ownership has already invested capital to create move-in ready suites, including some furnished options, and is looking to make further upgrades to meet the immediate needs of tenants looking for a smaller footprint in the market, such as CPAs, attorneys, or financial advisors,” said Pawk.

The property features four floors of office space with high ceilings and hardwood floors, set above ground floor retail.

Tenants have easy access to various restaurants and retail options, as well as nearby access to Palm Beach International and the Brightline train.

Plantation Medical Office Park Trades

July 3, 2023/in Done Deals, News/by SFOBA STAFF

Avison Young’s Florida Capital Markets Group completed the $15,450,000 sale of Plantation Medical Office Park, a six-building, single-story medical office campus totaling 63,319 square feet at 6710-6834 West Sunrise Blvd. in South Florida’s Plantation submarket.

The $244-per-square-foot transaction underscores the attractiveness of medical office assets as overall office sale activity has slowed.

Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and Brian C. de la Fé sold the asset on behalf of PPP Capital, LLC. The buyer was Bezrat H., Corp.

“Located in one of Broward County’s most desirable office submarkets, Plantation Medical Office Park is 98% occupied with a rent roll composed entirely of medical tenants, many of which have been there for decades and have expanded their operations and occupied additional space,” said Crotty. “The buyer will benefit from stable, long-term cash flow as the asset appreciates and the option to fulfill the property’s significant value-add potential through developing a vacant pad previously approved for a two-story 22,000-square-foot medical building.”

Plantation Medical Office Park is in a densely populated, major commerce and medical hub with over 200,000+ residents, 7,000+ businesses, and $2.3 billion in total consumer spending within a five-mile radius. With exceptional visibility from Sunrise Boulevard, the Park is strategically located just three miles from Westside Regional Medical Center, a full-service 250-bed hospital. Notable tenants include American Access Care, Dickens Sanomi Academy, and Baptist Hospital of Miami, Inc.

“Medical office is currently one of the most desirable property types among investors due to the stability of in-person doctor-patient care solidifying tenant need for physical space,” said Duckworth. “Marketing the attractiveness of medical office and the ideal location of this asset, in particular, allowed us to secure strong pricing despite market uncertainties in the financial markets.”

Avison Young insights show the latest banking crisis has led to more economic headwinds for investors, rendering it difficult to secure financing for commercial real estate transactions, particularly within the office sector. However, the greater need for physical space and high costs associated with relocations and build-outs among medical office tenants abate the concerns of investors and financiers alike and make medical assets the exception during challenging times.

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Gale Properties Appoints CBRE Exclusive Leasing Agent For West Palm Office Property

Plantation Medical Office Park Trades

Gale Properties Appoints CBRE Exclusive Leasing Agent For West Palm Office Property

Plantation Medical Office Park Trades

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Gale Properties Appoints CBRE Exclusive Leasing Agent For West Palm Office Property

Plantation Medical Office Park Trades

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