Kayne Anderson Buys Medical Offices in Lake Worth Beach

Kayne Anderson purchased a self-storage facility in West Palm Beach for $14.5M earlier this week. Kayne Anderson Capital Advisors bought a medical office complex in Lake Worth Beach for $7.3 million, marking its second purchase in South Florida this week.

Atlantis Mob LLC, tied to St. Petersburg, Florida-based Optimal Outcomes, sold the two buildings at 5645 Military Trail, with a combined 9,772 square feet, to Kayne Anderson for $747 per square foot, records show.

The property is home to Atlantis Outpatient Center, which opened in October 2004 as a surgery center for gastroenterology and pain management, according to its website. The complex last sold for $4 million in December 2017, records show. The medical offices were built in 2004 and sit on 0.8 acres.

This week, Kayne Anderson Capital Advisors bought a self-storage facility in West Palm Beach for $14.5 million. Kayne Anderson, an alternative investment management firm, has $6 billion in assets under management. It focuses on infrastructure, real estate, credit and private equity, according to its website. The firm has an office in Boca Raton.

Lake Worth Beach has seen a wave of investor interest in multifamily and residential development in recent years, as rents and home prices are rising in nearby West Palm Beach and Fort Lauderdale, forcing people to move further north and west.

In July, Southstar Capital Group of Boca Raton paid Greystar $47.8 million for a 214-unit apartment complex near Lake Worth Beach. Fort Lauderdale-based Affiliated Development is also building The Mid, a Class A apartment complex on 16th Avenue and North Dixie Highway in Lake Worth Beach.

Written By: Keith Larsen