Fort Lauderdale, FL (February 13, 2024) – SRS Real Estate Partners announced today it has completed the approximately $2.78 million sale of a new construction single-tenant property occupied by MD Now. The property is located at 9955 Lake Worth Road in Lake Worth, FL, a suburb of West Palm Beach.
SRS Capital Markets Executive Vice President & Market Leader, Patrick Nutt and Senior Vice President William Wamble who are based in Fort Lauderdale and Tampa, FL represented the seller, a South Florida-based investment and development group. The buyer was a Florida-based private investor who was in a 1031 exchange. The property sold at a 5.37% cap rate.
“With a 10-year corporate-guaranteed lease in place, our team garnered nine offers on this asset,” said Wamble. “Medical office properties in convenient locations are in high demand for investors as they are viewed as solid, long-term investments.”
Situated on a 0.57-acre parcel, the 3,250-square-foot (sf) property opened its doors in August 2023. The lease was signed by MD Now Medical Centers, Inc., Florida’s largest and fastest-growing urgent care provider with more than 60 locations. It is within Woods Walk Plaza, an 88,000-sf Publix-anchored shopping center.
In 2023, SRS Capital Markets completed approximately $2 billion in deal volume comprised of 495 transactions in 43 states. SRS currently has in excess of 600 properties actively on the market with a market value surpassing $2.85 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.