Medical office building breaks ground in Palm Beach County

Medical office building breaks ground in Palm Beach County

Azure Development has broken ground on a medical office building west of Delray
Beach.

Addison Medical Centre will total 24,000 square feet in two stories on Jog Road,
just south of Linton Boulevard. The 1.5-acre development site will have the address
of 16125 S. Jog Road in an area with a large senior citizen population and many 55-
plus communities. It’s about a mile away from Delray Medical Center.

The developer said the $9 million project could be completed by September 2020. It
will have over 200 parking spaces.

Rick Caster, a principal of Azure Development, said the first tenant is Queller
Dermatology, which signed a 10-year lease for 3,300 square feet. The developer is
asking $32 to $35 per square foot for the space. In addition, tenants will have the
option to purchase an equity participation in the development.

Chad Costello of Healthcare Realty Advisers is the leasing agent for Addison
Medical Centre.

“Addison Medical Centre is well timed to meet the area’s growing demand for first
class medical services,” Costello said. “It gives providers and their patients a new
generation of upscale medical space and a highly convenient location.“
The developer, through Azure Job Road LLC, acquired the property for $841,000 in
2017. No construction mortgage has been granted to the project.
Azure Development is building Addison Medical Centre at 16125 S. Jog Road, near Delray
Beach.

 

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