New York City-based Philips International has sold the JFK Medical Plaza for $8.3 million to Siegel Associates, according to a crefeed.com article. "In a very difficult real estate environment, we were able to find a focused buyer who understood the dynamics of the local market," said Michael Pilevsky, managing director of Philips International. "The building offered great value due to its close proximity to a major medical center, as well as the expected demand increase for medical and professional office space stemming from the area's growth and its aging population. This transaction worked out great for all parties."
JFK is a 35,000-square-foot medical office building on about 4.5 acres on Congress Avenue in Lake Worth, Florida. The property was under contract for about six months. S. Jay Siegel is managing partner of Siegel Associates and signed the financing documents as the new owner. Siegel assumed a $5.5 million mortgage with Wells Fargo as part of the deal. The remaining balance, $2.8 million, was paid in cash.
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