Rendina Healthcare Real Estate & Apollo Equity Investors Acquire Medical Office In Wellington For $18.25M

Wellington Medical Arts Pavilion III, a 49,832 sq ft medical office located at 1397 Medical Park Boulevard in Wellington, was sold for $18.25 million. The property is situated near Wellington Regional Medical Center and is positioned on a 0.44-acre plot. The sale of this medical office exemplifies the increasing demand for healthcare facilities in Palm Beach County. The property previously traded at $12.82 million in 2010.

Summary of transaction details

• Property Type: Medical Office
• Transaction Amount: $18,250,000
• Address: 1397 Medical Park Boulevard
• Market: Wellington
• Size: 49,832 sq ft
• Price per Sq Ft: $366

The buyer of Wellington Medical Arts Pavilion III is Richard M. Rendina, representing Rendina Healthcare Real Estate and Apollo Equity Investors. The seller, Todd Meredith, is associated with Healthcare Realty Trust. The lender involved in the transaction is Seacoast National Bank.