Updated Sep 3, 2026
Clay Duvall & David Binswanger Of Lincoln Property Company Acquire Medical Office In Palm Beach Gardens For $16.4M
3602 Kyoto Gardens Drive
$16,400,000
$804/SF
Building Size
20,386 SF
Asset Type
Medical Office
Closing
Aug 31, 2026
About this deal
AI
The medical office building located at 3602 Kyoto Gardens Drive in Palm Beach Gardens, FL, sold for $16,400,000. This property spans 20,386 square feet on a 1.95-acre lot, equating to a price per square foot of $804.
Summary of transaction details:
- Property Type: Medical Office
- Transaction Amount: $16,400,000
- Address: 3602 Kyoto Gardens Drive
- Market: Palm Beach Gardens, FL
- Buyer: Clay Duvall & David Binswanger - Lincoln Property Company
- Seller: David Lynn - Unity Investment Management
- Lender: BMO Bank
- Previous Sale Price: $14,560,000
- Previous Sale Year: 2024
- Loan Amount: $125,000,000
Clay Duvall and David Binswanger of Lincoln Property Company were involved in the acquisition through PR II Royal MOB Kyoto Gardens LLC, which is led by an executive at Lincoln Property Co. The seller of the property was affiliated with Unity Investment Management, represented by VPU Palm Beach Gardens LLC.
Players
Kyote Medical Office Market Snapshot
Boundary boundary · Medical Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.97%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93