SRS Real Estate Partners’ National Net Lease Group has completed the $2.9-million off-market sale of a single-tenant medical office property in West Palm Beach. The 3,533-square-foot property on Okeechobee Boulevard is fully leased by Heartland Dentistry.
SRS NNLG’s EVP Patrick Nutt and first VP William Wamble, who are out of the firm’s South Florida office, represented the seller, a Florida-based private investor. SRS NNLG’s first VP Richard Dorfman, who is out of the firm’s New York City office, represented the buyer, a Massachusetts-based private investor. The closing cap rate was 5.5% which is a record low for a Heartland Dental-occupied property.
The 2000-constructed property is currently being renovated by Heartland Dental, which recently signed a 10-year lease. The asset was acquired by the new ownership during the renovation process and prior to the rent commencement date.