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Florida & Gulf Coast  + South Florida  + Healthcare  |  August 17, 2020
David Cohen
By: David Cohen

SRS Brokers $6M Sale of Medical Office Property in West Palm Beach

SRS Real Estate Partners’ National Net Lease Group has brokered the $5.8 million sale of a single-tenant, 13,635-square-foot property in West Palm Beach.

Located at 4998 10th Ave. North, the property is occupied by ChenMed, a medical provider focused on the care of senior citizens. The lease is corporate-guaranteed and has nine years remaining with options to extend. The property includes a drive-thru and was originally developed in 1999 as a Walgreens pharmacy location. The seller, the Morgan Cos., renovated the building specifically for ChenMed, who located there in 2019.

Patrick Nutt and Andrew Fallon of SRS represented the Morgan Cos. in the transaction. The buyer was a Seminole-based private investor in a 1031 exchange and was represented by Cornerstone Commercial Realty.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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