Commercial Property in Boyton Beach Sells for 75% Increase in Under One Year
Congress Executive Center, a medical and professional office building, netted $11 million
OrbVest US, Inc. recently purchased Congress Executive Center, a four-story medical and professional building located at 1301 N. Congress Ave. in Boynton Beach. The property was 100% occupied and closed on May 12 for $11 million, a 75% increase in value in less than a year from its last listing. The 40,210-square-foot medical and professional office is located on nearly two acres, adjacent to the Boynton Beach Mall, with plans for significant redevelopment.
Executive Managing Director Mark M. Rubin, Director Bastian Laggerbauer, and Financial Analyst Jake Stauber of Colliers’ South Florida Investment Services Team represented the seller, Triple Double Real Estate (Andrew “Avi” Greenbaum and Jeremy B. Becker), in the transaction. Andy Belew of Consilium Capital Partners represented the buyer.
“The trade of Congress Executive Center represents a 75% increase in value from its previous purchase price, less than one year ago,” Rubin says. “This sale is indicative of the strong demand for stabilized medical office properties with solid fundamentals, sound in-place tenancy and investor confidence in the Boynton Beach submarket.”
The office investment market in South Florida broke records in 2021 due to declining unemployment, population growth and confidence in the economy, creating an imbalance in supply and demand. Sales price per square foot increased 19% year-over-year, ending in 2021 at $285.
“Congress Executive Center is a great addition to the buyer’s current and impressive portfolio of healthcare real estate,” Laggerbauer says. “The seller was able to increase the property’s value significantly by attracting strong medical tenancy to the asset and achieving a 100% occupancy rate.”