As the South Florida office market continues to experience robust activity, Colliers has facilitated the sale of Abacoa Town Center located at 1395 University Boulevard in Jupiter for $19 million.
Colliers Managing Director Derek Baker represented the seller, Gladstone Commercial Corporation, and Executive Managing Director Michael Falk represented the buyer, LRP Properties Abacoa LLC., in the deal.
“The transaction was a true win-win,” said Baker. “Gladstone was able to achieve a favorable exit of the asset, which they owned for over 10 years, while LRP acquired a rare opportunity in Jupiter.”
The entire 61,451-square-foot building is currently being marketed for lease by Colliers, offering any combination of the four ±16,000-square-foot floorplates.
The office building is located within Abacoa, an affluent Jupiter submarket on Florida’s east coast. The Class A office asset is within an established trade area with easy connectivity to local amenities, high-end retailers, major roadways, and some of South Florida’s beautiful beaches. The entire four-story building is currently available for lease, offering the upside potential of leasing the space as a headquarters location. The center provides the option of leasing separate floors or subdividing floors for office/medical use.
“This was a rare investment opportunity in the Jupiter submarket where vacancy remains as low as 4.2% due to continued strong demand for office space,” said Falk. “This was an excellent chance for my client to expand their presence in the area.”
The seller, Gladstone Commercial Corporation, is an equity real estate investment trust focused on investing in single-tenant and anchored multi-tenant net leased industrial and office properties nationwide. As of June 2022, their diversified portfolio across 27 states includes 136 office and industrial properties leased to 112 tenants. Gladstone purchased Abacoa Town Center in 2012 for $15.5 million.
The buyer, LRP Properties Abacoa LLC., is a real estate affiliate of LRP Publications, a broad-based media company publishing business-to-business newsletters, magazines, books, software, and online services. The media giant was founded in 1977 by Kenneth Kahn and presently serves millions of business and educational professionals worldwide with industry-leading print and digital products.
Abacoa is a small downtown district in Jupiter offering a traditional old “Main Street” charm and neighborly feel while catering to a modern lifestyle where residents and workers can live, work, and play. This relaxed atmosphere makes the master-planned community of Abacoa a convenient and appealing office market for tenants seeking to work close to their homes. In turn, the area has attracted investment interest offering a vacancy rate as low as 4.2% in the second quarter of 2022, lower than Palm Beach County’s 9.1% average.
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