WITH THE ACQUISITION OF THE BOYNTON BEACH PROPERTY, ORBVEST EXPANDS ITS NATIONWIDE MEDICAL OFFICE PORTFOLIO WITH THE ADDITION OF THE 40,210 SF FACILITY
OrbVest (ORB), a global real estate company investing in income-producing medical commercial real estate in the United States, today announced they have recently closed on their purchase of the Congress Executive Center, a 40,210 square-foot well-maintained Class B medical office property located in Boynton Beach, Florida near Miami. With a current occupancy of 100%, the stabilized medical office asset resides in one of the fastest-growing MSAs in the US.
OrbVest has a team of experienced real estate investment professionals specializing in identifying and acquiring high-quality income-producing medical real estate. Over the past seven years, the company has curated its portfolio through a careful selection of high-performing, future-proofed assets resulting in over 40 buildings, with a value of over $400 million.
By 2025, almost one-quarter of Americans will be older than 65 and the Miami metropolitan area is one of the top places for retirees – with nearly 17% of its population over age 65. Seniors spend five times more on healthcare, on average, and medical office facilities need to be able to meet this high demand. Not only does this make healthcare real estate a stable market sector, market interest based on their expected profitability and predicted future investment returns has caused a surge in outside investment.
“The purchase of the Congress Executive Center is part of our commitment to expand into Florida as well as other quickly-growing parts of the country. We’re continuously analyzing underlying trends that impact the healthcare industry, as well as working closely with our local partners to harness their on-the-ground knowledge and expertise,” said Martin Freeman, OrbVest CEO. “The tri-county region is the eighth-most populous metro area in the US and the largest in Florida. With over 6.2 million residents, it encompasses more than 2,000 square miles. The region is bursting with potential as residents demand access to healthcare that is convenient and easily accessible.”
The Congress Executive Center sits on 1.92 acres of land and is located approximately 14 miles south of downtown West Palm Beach within easy access of Interstate 95. It’s also in close proximity to Bethesda Hospital East, part of the largest healthcare organization in the region. Completed in 1986, the Center went through a series of renovations in 2014. The property has a strong in-place cash flow and hosts a mix of national and regional healthcare and professional office tenants, including Guardians Credit Union, Mariana Zadov, PA (Dentist), Cayuga Centers, TLC Women’s Health, Benham Miller & Harris, Landcastle Title Group, Maxim Healthcare Services, True North Financial Advisors, Isaacson Tax and Estate, Estimating Edge, Corellium, and QC Kinetix.
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.
OrbVest will continue to grow its portfolio by purchasing medical office properties across the United States. Recent purchases include acquisitions in Fleming Island; Princeton, New Jersey Phoenix, Arizona; and Fayetteville, Georgia.
For more information about OrbVest visit – https://orbvest.com/.
OrbVest Limited (“ORB” – Incorporated in the Republic of Seychelles on October 5, 2015, and began trading on July 1, 2018; Share Code ORB; ISIN: SC9998EIJC16).
OrbVest is a global real estate company that invests in US income-producing medical commercial real estate. Within seven years, OrbVest has assembled a portfolio of over 1.5 million square feet representing over $400m in real estate.
OrbVest’s goal is to make investing in global real estate simple for small and large investors. Clients use a convenient online platform to invest directly into low-risk commercial assets, primarily in the Healthcare niche.