11/25/2008

Philips International sells JFK Medical Plaza for $8.3M

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New York City-based Philips International has sold the JFK Medical Plaza in Lake Worth, Fla., for $8.3 million to Siegel Associates.

The JFK Medical Plaza is a 34,088-square-foot medical office building located at 4801 S. Congress Ave. The four-story property is situated on 2.86 acres and was 93 percent occupied at the time of sale.

"In a very difficult real estate environment, we were able to find a focused buyer who understood the dynamics of the local market," said Michael Pilevsky, managing director of Philips International. "The building offered great value due to its close proximity to a major medical center, as well as the expected demand increase for medical and professional office space stemming from the area's growth and its aging population. This transaction worked out great for all parties."

Address: 4801 S. Congress Ave., Lake Worth, Fla.

Size: 34,088 square feet

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Filed Under: Office

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