June 5th, 2019
Woodside Health is pleased to announce the sale of Palisades Park, which consists of four medical office buildings in Fort Myers, Florida. Woodside acquired the buildings in December 2015. Investors in the project will realize a 21% net IRR, exceeding the original forecasted return. For every dollar invested in 2015, investors received about $1.84 back through 2019.
Woodside Health bought this property from a lender that had taken back the buildings. Woodside added new tenants, many that were medical and health related, and also improved the physical plant. "We've gotten to know the tenants at Palisades over the last four years, and will miss working with them," said Joe Greulich, Woodside Health Principal. "This is a beautiful neighborhood and the medical professionals in these buildings are really committed to serving the community," he added. "We prefer to keep our properties for longer periods of time, and continuously improve them to ensure that our tenants and their patients are well served. We agreed to sell this building now because we believe the buyer, two local doctors, will be just as dedicated to providing first class service to our tenants and their patients," continued Greulich.
This is the third sale for Woodside Health, the medical office building acquisition and management firm with properties in Arizona, Florida, Georgia, Michigan, Ohio, and Texas. The firm has acquired 29 medical office properties and has additional properties under contract.
About Woodside Health
Cleveland-based Woodside Health is a medical office building acquisition and management firm. Woodside Health treats their tenants like customers. They proactively enhance the exterior and interior spaces of their buildings and are devoted to establishing long-term relationships with their tenants. The firm's principals have decades of experience investing in and managing real estate. For more information, please visit www.WoodsideHealth.com.