Cleveland Investor Buys Discounted Broward VA Clinic for $38M

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Boyd Watterson Asset Management bought a clinic for military veterans at the outer edges of Broward County for $38.2 million — shaving more than $10 million from the property’s previous sale price, property records show.

The two-story building, known as the William “Bill” Kling VA Clinic, spans 110,714 square feet at 9800 W Commercial Boulevard in Sunrise, Fla., about a mile from the county’s urban development border. 

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The facility, leased to the federal Department of Veterans Affairs, offers primary care and specialty health services, including cardiology, dental services, mental health care, neurology, orthopedics and women’s health services. 

The Nashville-based seller, Healthcare Realty Trust, purchased the property, completed in 2009, for $49.7 million in 2017. The reason for the 26 percent depreciation remains unclear. Representatives for both companies have yet to respond to requests for comment. 

Boyd Watterson is a private equity firm based in Cleveland that specializes in government-leased properties. In New York, it’s under contract to buy 9 and 11 MetroTech Center, where the NYPD, FDNY and Department of Information Technology and Telecommunications are based, for $310 million, according to The Real Deal. 

Julia Echikson can be reached at jechikson@commercialobserver.com