A medical office building in Boca Raton that lists Boca Raton Regional Hospital as a tenant sold for $34 million.
Boca Raton Medical & Surgical Specialists, managed by Dr. Roy Katzin of Greenfield Group, sold the 77,017-square-foot medical office building at 1601 Clint Moore Road to AW Boca Clinic LLC, an affiliate of North Palm Beach-based commercial real estate firm AW Property Management, led by Brian K. Waxman.
Capital One NA provided a $26.5 million loan to the buyer. The price equated to $441 per square foot. Medical offices typically sell for a higher price than regular office space because it has costly modifications for medical providers, and its health care tenants are consider more stable.
The property last traded for $7 million in 2005. It was built on the 9.4-acre site in 1984. It’s located just east of Military Trail, on the north side of the city. Space in the building was recently listed for lease online at $25 per square foot.
Other tenants include Boca Raton Orthopaedic Group and South Florida Neurology Associates.