West Palm Beach, Florida – The NNN Commercial Real Estate news for the morning is about (MOB’s) medical office buildings. NNN Commercial Real Estate Investors are becoming attracted to net leased medical-office buildings (MOB’s) along with a full array of medical-treatment facilities, and healthcare net lease properties. Behringer Harvard recently acquired an Investment Property Portfolio of nine medical office buildings totaling more than 691,123 square feet. The purchase price for the MOB Net Lease Properties Portfolio, excluding the closing costs, was $46.6 million.
These NNN Commercial Real Estate Properties are located at various sites in the Miami Beach – Fort Lauderdale metropolitan statistical area (MSA) of southeast Florida. In addition to these (MOB) medical office buildings, the Investments of Commercial Property Portfolio includes about 7.9 acres of undeveloped land adjacent to the Florida Medical Center in Fort Lauderdale. The lack of available developable land for NNN Lease Properties, in this area of Florida. makes this property extremely attractive.
The premier medical office building in northern Palm Beach County is the Victor W. Farris building, included in this transaction. This West Palm Beach Net Leased Property was the top echelon property of the Investment Property Portfolio. These Florida NNN Commercial Real Estate development has services available that include a Laboratory, Diagnostic radiography, CT scan, Ultrasound, Vascular Ultrasound and Magnetic Resonance Imaging – Magnetic Resonance Angiography. These feature benefit any Net Leased Medical Office Building.
The Medical office buildings Portfolio is approximately 77% leased to 215 net-lease tenants. The aggregate annualized base rent is $9.6 million. The weighted-average remaining net lease term for the tenants is approximately 2.9 years. These Commercial Investment Properties in this value add commercial property portfolio are located either on the campus of or near acute care hospitals operated by Dallas-based Tenet Healthcare Corporation. These hospitals are located in communities throughout the Miami – Fort Lauderdale metro area. The portfolio includes:
•Gardens Medical Pavilion, a premier, five-story, Class A property providing more than 75,000 square feet of medical office space at 3401 PGA Boulevard in the vibrant city of Palm Beach Gardens.
•Victor Farris Building, a nine-story, 148,000-plus-square-foot Class A medical office property on the campus of Good Samaritan Medical Center at 1411 N Flagler Drive in West Palm Beach. This location is just across the bridge from Palm Beach.
•Palmetto Medical Plaza, an eight-story, approximately 129,736 square-foot medical office property at 7100 W. 20th Avenue on the campus of Palmetto General Hospital in Hialeah (Miami Dade County).
•Hialeah Medical Plaza, a five-story, 72,000-plus-square-foot medical office building at 777 E. 25th Street on the campus of Hialeah Hospital in Hialeah.
•North Shore Medical Arts, a four-story, 56,000-plus-square-foot medical office property on the campus of North Shore Medical Center at 1190 N.W. 95th Street in Miami.
•Four more medical office buildings at Florida Medical Center (FMC) in Fort Lauderdale (Broward County): FMC Medical Mall, FMC North, FMC Central and FMC East. The FMC buildings provide more than 207,643 square feet of leaseable space.
Behringer Harvard was going to make this investment purchase through a joint venture with AW Property Company. AW Property Company is a commercial real estate group with headquarters in Palm Beach Gardens that specializes in Florida markets.
However, prior to closing the transaction, some reports had the AW Entities withdrawing from the MOB Joint Venture. The AW Entities may later be readmitted to the medical office buildings joint venture provided certain readmission conditions are met, including a contribution of a ninth medical office building and payment of a cash capital contribution. If the AW Entities are readmitted to the MOB Joint Venture, it is expected they will own an aggregate interest in the NNN Commercial Real Estate Portfolio Joint Venture of approximately 10%.
We read that Fee simple title to the land upon which the Investment Property Portfolio buildings are located was retained by the Seller. The ground lease expires in October 2060 with an option to extend for an additional 25 years upon meeting certain conditions as set forth in the ground lease. We believe this was an all cash transaction and there would be no Commercial Loans on these investment properties.
The Commercial Property Investment Company, Behringer Harvard, provides commercial real estate investors and the professionals who advise them a range of strategic investment property opportunities. Behringer Harvard does this through their family of NNN commercial real estate investment programs. Behringer Harvard also offers the wealth-building power of commercial real estate that was once the province of institutions and the wealthiest individuals only. The Commercial Property Investment Company has made NNN commercial real estate investment programs more accessible to individual private investors.
The Commercial Property Investment Company have built a team of seasoned commercial real estate and securities professionals who are experienced at structuring a range of investment opportunities. They have an investment strategy that focuses on commercial properties located in dynamic, geographically diverse markets.
Search Net Lease Properties in the areas listed below and across the Country.
Arlington • Atlanta • Austin • Baltimore • Birmingham • Boise • Boston • Brooklyn • Buckhead • Central Illinois • Charlotte • Charlotte Uptown • Chicago • Chicago Downtown • Cincinnati • Cleveland • Clinton • Coral Gables • Columbia • Columbus • Dallas • Denver • Des Moines • Detroit • Encino • Ft. Collins • Ft. Lauderdale • Ft. Worth • Grand Rapids • Honolulu • Houston • Indianapolis • Jackson • Jacksonville • Kansas City • Koreatown • Lafayette • Las Vegas • Little Korea • Little Rock • Long Beach • Los Angeles • Louisville • Madison • Manhattan • Memphis • Miami Beach • Milwaukee • Minneapolis • Nashville • New Haven • New Jersey • New Mexico • Newport Beach • North Beach • Oak Brook • Oakland • Oklahoma City • Omaha • Ontario • Orlando • Palm Beach Gardens • Palo Alto • Philadelphia • Phoenix • Pittsburgh • Portland • Providence • Raleigh • Reno • Reston • Sacramento • Salt Lake City • San Antonio • San Diego • San Francisco • Santa Fe • St. Louis • Seattle • St Petersburg • Tampa Bay • Troy • Tucson • Vero Beach • Washington, D.C. • West Los Angeles • West Palm Beach • Williamsburg • Yonkers
These major metropolitan areas are also fine areas for a 1031 Exchange replacement property.
