Medical office plaza near Palm Beach, FL trades

MIAMI, September 26, 2022 – JLL Capital Markets announced today that it has closed the sale of Woolbright Medical Plaza, two institutional-grade medical office buildings totaling 33,154 square feet in Boynton Beach, Florida.

JLL represented the seller, TopMed Realty, in the sale to AW Property Company.

Located at 1700 and 1800 Woolbright Road, Woolbright Medical Plaza is positioned less than a mile from the 401-bed Baptist Heath Bethesda Hospital East, part of the largest health system in South Florida. Furthermore, the property is near Boulevard Rehabilitation Center, HCA Florida JFK Hospital, Delray Medical Center and Bethesda West Hospital.

Woolbright Medical Plaza is 93% leased to a variety of nationally and locally recognized physician groups providing radiology/imaging, ENT, primary care, dentistry and physical therapy services. Anchor tenants include Akumin Corp., ENT Associates of South Florida and Kindred Healthcare. TopMed successfully converted and rebranded the office complex to a medical office plaza and increased the occupancy from 63% to 93%.

The abundance of demand for healthcare services in Palm Beach County is driven by surging population growth and an outsized concentration of senior citizen residents. Woolbright Medical Plaza further benefits from being adjacent to the large active adult 55+ community known as Leisureville, which features 1,800 single family homes and 500 apartments.

The JLL Healthcare Capital Markets team representing the seller was led by Director Matt DiCesare, Senior Managing Director Evan Kovac and Director Anthony Sardo with support from Chad Prescher and Josiah Batcheller. Managing Director Ike Ojala of JLL’s Miami office provided local expertise.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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TopMed Realty is a value-oriented private equity firm focused on healthcare real estate. They seek properties in growing markets with high barriers to entry and locations that are strategic to healthcare operators. Their priority is capital preservation, and they invest in need-driven assets with low volatility and strong existing cash flows. They have a long-term mindset and seek to generate attractive risk-adjusted returns by leveraging their significant experience in the healthcare real estate sector. TopMed Realty has a diverse group of investors including institutions, family offices and high net worth individuals who have longstanding relationships with the company’s senior management.

AW Property Co. is a fully integrated real estate investment company that specializes in acquiring and enhancing medical and professional office properties in major markets throughout the Southeast. They have a highly dedicated, customer-focused team of professionals with expertise in all facets of real estate acquisitions, redevelopment, finance, operations and asset management. Their headquarters are located in North Palm Beach, Florida with regional offices throughout the Southeast.