Oil chief buys office building next to JFK Medical Center in West Palm

Oil chief buys office building next to JFK Medical Center in West Palm

Thursday, April 12, 2018

2051 & 2151 45th Street and Augustus C. Miller (Credit: SF Partners and Smithsonian Libraries)

A medical office building next to the north campus of the JFK Medical Center in West Palm Beach just traded hands for $9.5 million, property records show.

SF Partners sold the 73,500-square-foot medical center at 2051 and 2151 45th Street to Augustus C. Miller, who heads the fuel distribution company Miller Oil. The trade breaks down to about $130 per square foot.

Records show SF Partners, a Miami-based real estate development and management firm, paid $7.8 million for the building in February 2016 – meaning it sold for a roughly 18 percent gain in two years. The building sits on about 3 acres of land, just north of the intersection of 45th Street and Congress Avenue, near downtown West Palm Beach. Tenants include a mix of physicians, therapists and other medical services.

SF Partners owns a mix of commercial properties throughout Florida and Georgia, according its website.

Late last year a similar medical office building next to the main campus of the JFK Medical Center in Atlantis traded hands for $11.25 million.

Miller Oil is headquartered in Norfolk, Virginia. The Millers have homes in Virginia Beach, Washington, D.C., and Palm Beach, according to published reports.


Source: The Real Deal