In a deal brokered by JLL Capital Markets, a publicly traded real estate investment firm has acquired 1905 Medical Center in Boca Raton, Fla. According to CommercialEdge data, CDR Realty was the previous owner of the 102,186-square-foot medical office building. The company purchased the Class A asset in 2004 for $23.5 million.
CommercialEdge data also shows that 1905 Medical Center is one of only three medical office properties that have changed hands in metro Miami since the beginning of the year, as well as the second-largest in size. Pal-Med Medical Office Building in Hialeah, Fla., was the largest, at 130,968 square feet. Healthcare Trust of America purchased the property for $51.5 million in January.
A Class A asset
Completed in 1996, the three-story building is at 1905 Clint Moore Road, on a 15.5-acre parcel. The property features 33,316-square-foot floorplates and a parking ratio of five spaces per 1,000 square feet. The facility houses a wide array of health-care providers, including the Diagnostic Center of Boca Raton Regional Hospital, Boca Raton Outpatient Surgery & Laser Center and Baptist Health Surgery Center, among others.
The property is some 4 miles north of downtown Boca Raton, just west of South Military Trail and 3 miles east of Florida’s Turnpike, with Boca Raton Regional Hospital roughly 6 miles southeast. 1905 Medical Center is also 4 miles north of One Town Center, a 191,294-square-foot Class A office asset that traded in July for nearly $100 million.
The JLL brokerage team was led by Senior Managing Director Chris Drew, Director Matthew McCormack, Senior Managing Director Hermen Rodriguez and Managing Director Ike Ojala, while Max Lescano provided analytical support. Drew was also part of the team that arranged the $19.4 million financing of a 97,800-square-foot, Class A office campus in Boca Raton.