September 16, 2024 – Justin Spillane and Rob DiFranco of Horvath & Tremblay have successfully completed the sale of the Congress Surgery Center in Palm Springs, Florida. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $6,201,862.
The Congress Surgery Center is located at 1620 S Congress Avenue in Palm Springs, Florida. The Congress Surgery Center was constructed in 1997 and is home to four (4) medical tenants. The Congress Surgery Center consists of 18,342 square feet on a 1.01-acre parcel of land and is 100% leased to 4 medical tenants. The Property is anchored by Blue Cloud Pediatric Surgery Center, the nation’s largest Pediatric Dental Ambulatory Surgery Center group operating 23 locations across 9 states and is also a licensed Ambulatory Surgery Center with an in-place CON. Each tenants’ lease calls for scheduled annual rental increases throughout the primary lease term, providing a growing NOI and hedging against inflation. Additionally, all the tenants have net leases, limiting expense leakage in the future. The Property enjoys outstanding visibility and frontage along S Congress Avenue (SR 807), one of the area’s primary commercial and commuter corridors and is an outparcel to the Publix anchored Greenwood Shopping Centre. The Property is in the heart of Palm Beach’s premier medical district and is within 3-miles of 86 medical facilities including the HCA Florida JFK Hospital (486 beds). The Property is convenient to national retailers and restaurants that drive traffic to the area and is surrounded by densely populated residential neighborhoods and multi-family communities that provide a captive customer base.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.