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Two S. Florida MOBs Trade for $20.6M
Flagler Healthcare Investments sold two medical office buildings (MOB) to Remedy, another healthcare real estate firm, for $20.6 million. Both buildings are near a Baptist Health outpatient facility near Boynton Beach. The underlying property has been leased from Ohio-based Welltower since 2014.
A 16,916-square-foot medical office was sold for $10.66 million. The Orthopedic Center of Palm Beach County is a key tenant. The other MOB was a 16,994-square-foot structure that sold for nearly $10 million. Tenants in the second building included Nicklaus Children’s Pediatric Specialists and Premier Dermatology Partners.
Both medical office buildings were constructed in 2016.
The S. Florida Business Journal reports there’s been strong population growth in the Boynton Beach area, both on the east side of town with more multifamily development, and further west with new high-end single-family home communities in the Agricultural Reserve. That has led to more demand for health care services.
- ◦Sale/Acquisition
