Palm Beach Gardens Office Trades For $31M

reprints


An office complex that includes an urgent care center in Palm Beach Gardens, Fl., sold for $30.5 million, according to public records and information from CBRE

ABS National Business Parks bought the 96,000-square-foot building located at 3250 PGA Boulevard, according to public records. The sale of the property, Gardens Plaza, includes a 9-story office building, a two-story medical office building and a development pad, according to CBRE. The sale equates to $315 per square foot.

SEE ALSO: Limestone Asset Management Pays $133M for 27 Walgreens Stores

The property, which houses Jupiter Medical Center Urgent Care, sits between Route 1 and Interstate 95. It’s also situated in the center of Palm Beach Gardens, across the street from the luxury Gardens Mall.

“The building will be substantially upgraded to meet the needs of tenants seeking the highest standards for office space,” Gregg Schenker and John Zirinsky, the managers of ABS National Business Parks, said in a prepared statement.

Stiles, a South Florida real estate development firm, bought the property in 2015 for $23 million, public records show.

CBRE’s Christian Lee and José Lobón represented the seller. CBRE’s Amy Julian and Brian Warwick of ABS Altman Warwick, LLC reportedly helped the buyer procure a 10-year, $18 million loan from J.P. Morgan.

UPDATE: This story has been updated since publication to include information from CBRE, including details on the buildings included in the sale, the buyer’s renovation plans, and the seller’s identity. It has also been updated to reflect that the buyer’s name is ABS National Business Parks, not National Business Parks as previously stated.