SRS Real Estate Partners’ National Net Lease Group has brokered the $5.8 million sale of a single-tenant, 13,635-square-foot property in West Palm Beach.
Located at 4998 10th Ave. North, the property is occupied by ChenMed, a medical provider focused on the care of senior citizens. The lease is corporate-guaranteed and has nine years remaining with options to extend. The property includes a drive-thru and was originally developed in 1999 as a Walgreens pharmacy location. The seller, the Morgan Cos., renovated the building specifically for ChenMed, who located there in 2019.
Patrick Nutt and Andrew Fallon of SRS represented the Morgan Cos. in the transaction. The buyer was a Seminole-based private investor in a 1031 exchange and was represented by Cornerstone Commercial Realty.