New York-Based Investor Picks Up Palm Beach County Office Property For $30.55 Million
ABS National Business successfully acquired the fee simple interest in Gardens Plaza, from South Florida-based full-service real estate development firm Stiles.
The $30.55 million transaction was facilitated by CBRE.
Gardens Plaza consists of a 9-story office tower, a 2-story medical office building and a development pad. The Property is located on the south side of PGA Boulevard, across from the high-end Gardens Mall and less than a mile east of I-95.
The buyer, ABS National Business Parks, is a New York-based privately held owner operator with ownership interest in more than 100 properties located on the east coast of the United States. The firm plans to continue to acquire investment properties in Southern Florida.
The Seller was exclusively represented by the CBRE Capital Markets team of Vice Chairman Christian Lee and Executive Vice President José Lobón. The team also included Kevin Probel and Kevin McCarthy with CBRE’s Transaction & Advisory Services.
Brian Warwick with ABS Altman Warwick, LLC worked alongside Senior Vice President Amy Julian with CBRE Debt & Structured Finance to secure debt financing for the buyer. JPMorgan is providing the ten-year, fixed rate loan.
Gardens Plaza is 85% leased to a variety of regionally recognized corporate tenants. The 9-story tower, which is among the tallest structures on PGA Boulevard, supports 86,542 rentable square feet and offers exceptional unobstructed views of the surrounding area. The two-story medical office building accounts for 5,627 SF of the total and has been occupied by Jupiter Medical since 2016.
ABS National Business Parks has a detail driven investment management strategy to service tenant needs.
Gregg Schenker and John Zirinsky, the Managers of ABS National Business Parks, said in a statement, “The building will be substantially upgraded to meet the needs of tenants seeking the highest standards for office space. Examples of the planned improvements include upgrading to a high level HEPA air filtration system to purify the air within each tenant’s space, upgrading the building’s four elevators and a number of other mechanical and aesthetic improvements.”
An additional opportunity exists at 3300 PGA Boulevard for a 120,000 sq. ft. build-to-suit new building upon the existing unimproved land for a major corporate tenant seeking customized space.
“The Property’s location on PGA Boulevard affords Gardens Plaza the best location in the submarket with walkability to three large retail centers, The Gardens Mall, Downtown at the Gardens and Legacy Place. All of these retail projects are accessible via signalized crosswalks providing easy walkability to over 50 dining options and 150 retailers within a 10-minute walk,” said CBRE Vice Chairman Christian Lee.
“The Project offers strong contractual income in the near term with significant upside potential, not only through additional development, but through the lease-up of vacant space,” said CBRE Executive Vice President José Lobón.
The CBRE Capital Markets team also included Vice President Marcos Minaya.
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