Colliers Finalizes Sale of West Palm Beach Medical Office

Colliers South Florida recently completed the acquisition of 4601 N. Congress Avenue in West Palm Beach. The property was sold to 1460 Russell Road Associates, LP, while Colliers’ South Florida Investment Services Team of Mark M. Rubin, Executive Managing Director and Bastian Laggerbauer, Director, represented the seller, 4601 North Congress, LLC, in the transaction. 

The building at 4601 N. Congress is an on-campus, multi-tenant medical office building. Not being held to a ground lease enabled the seller to generate significant interest from a wide range of institutional and private investors across the country to produce market-leading pricing for the seller. 

“As medical care is an essential service, coupled with South Florida’s favorable demographics, medical office opportunities remain a highly coveted asset class by investors,” says Rubin. 

According to the Colliers Q2 Office Market Report for Palm Beach County, total vacancy rates decreased to 11.4% in the second quarter, the lowest vacancy rate in the market since the same quarter of 2020. At the same time, rental rates increased to $36.53 per square foot, increasing 7% year-over-year. The increase is expected to continue as more businesses migrate to Palm Beach County to seek properties with a robust tenant rate.

“Strategically located just off I-95 in the HCA owned and operated JFK Medical Center North Campus on the corner of Congress Avenue and 45th Street, the medical office building was 88 percent leased at the time of sale,” Laggerbauer says.

You May Also Like

Sabal Development Acquires Miami Property for Construction of Two Upscale Residences on Biscayne Bay

In the last two years, custom-built homes valued at over $146 million have been built and sold by Sabal Development and Sabal Luxury Builder.

Yupix and Lofty Brickell Team Up to Provide Next-Level Meta-Reality Tours

Potential buyers can now get a taste of what it’s like to live in a luxurious waterfront condo that will be located in Miami’s bustling Financial District.

Construction of the Ritz-Carlton Residences in Pompano Beach Begins

Sales for the highly amenitized, dual-tower waterfront development have reached 85%.

Davie Begins Construction on Largest Multifamily Project in Town’s History

The District in Davie will feature an upscale 2.8 million-square-foot mixed-use rental residential apartment and commercial project.

The District in Davie

Other Posts

The Future of Faena District

Although it may not appear so given the slate of soaring high-rise towers changing the South Florida residential skyline, good things occasionally do come in smaller projects—at least in Miami’s thriving Faena District. Twenty-Nine Indian Creek, breaking ground this spring, promises only seven stories of sophisticated living. But what it lacks in height it more

It’s a Shore Thing on South Beach 

An iconic hotel becomes a residential tower, courtesy of Robert A.M. Stern Architects.

Shoreclub Private Collection
Transit-Oriented Multifamily Development Receives Approval in Hialeah 

The city of Hialeah recently approved building Metro Station, a 55-unit transit-oriented multifamily community at 2691 East 11th Ave. adjacent to the Metrorail and Tri-Rail Transfer Station. MG Developer’s Senior Vice President Diego Torrealba, and FC&E’s Chief Executive Officer Johnny Dao, acquired the 12,000-square-foot parcel of land in 2022, the first joint venture between these

Don’t Know What Sprezzatura Means? The Cipriani Brand Exudes It

As Cipriani adds a residential project to Brickell, the revered Venetian company continues to evince effortless style