Colliers South Florida recently closed on the $6.3 million sale of 4601 N. Congress Avenue in West Palm Beach. The two-story, 25,453-square-foot medical office sold to 1460 Russell Road Associates, LP. Colliers South Florida Investment Services Team Mark M. Rubin, Executive Managing Director, and Bastian Laggerbauer, Director, represented the seller, 4601 North Congress, LLC, in the transaction.

4601 N. Congress is an on-campus, multi-tenant medical office building, not encumbered by a ground lease. As such, the Colliers South Florida Investments Services Team was able to generate significant interest from a wide range of institutional and private investors nationwide, achieving 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,” said Rubin.
 
“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 added.
 
According to the Colliers Q2 Office Market Report for Palm Beach County, total vacancy rates decreased to 11.4% in Q2, the lowest vacancy rate in the market since Q2 2020. At the same time, rental rates increased to $36.53 per square foot, an increase of 7% year-over-year. The stability displayed in the office market coupled with mass corporate migrations is causing investors to flock to Palm Beach County in search of mature properties with a healthy tenant base as well as value-add properties, and both property types are poised for rental rate increases after acquisition.