OrbVest Global Real EstateInvestment Overview
OrbVest is pleased to present Congress Executive Center. This well-maintained Class B medical office property is located in Boynton Beach, FL, part of the well-known Miami MSA. The property totals 40,210 SF and has a current occupancy of 100%, representing a great opportunity to acquire a stabilized medical office asset in one of the fastest-growing MSAs in the US.
The property totals 40,210 SF and has a currentoccupancy of 100%. The Congress Executive Center was completed in 1986 and went through a series of renovations in 2014 that included an updated lobby area and new elevators. It sits on 1.92 acres of land and is currently occupied by 12 tenants.
The property has a weighted average lease term (WALT) of 4.19 years. The strategy with this acquisition is to hold the property for a five-year term and renew existing healthcare tenants as well as convert the professional office tenants in the building to medical tenants when their leases expire.
The Congress Executive Center is located approximately 14 miles south of downtown West Palm Beach and 2.6 miles west of interstate 95, allowing easy access. The property is also in close proximity to Bethesda Hospital East (418 beds). Bethesda Hospital East is part of Baptist Health South Florida, the largest healthcare organization in the region, with 11 hospitals, nearly 23,000 employees, more than 4,000 physicians and over 100 outpatient centers, urgentcare facilities and physician practices spanning Miami-Dade, Monroe, Broward and Palm Beach counties.
Palm Beach County is located within the South Florida metropolis, just north of Miami-Dade and Broward Counties. Together, the tri-county region is the eighth most populous metro area in the US and the largest in the State of Florida.
OrbVest will be the sponsor of this transaction. We will contract with Lincoln Harris, with whom we have partnered on previous deals, to manage the property and the leasing.
