PALM BEACH, FL—Jupiter Medical and Technology Park has a new owner. Jupiter RE Investments, LLC, the real estate holding company affiliated with Florida Turbine Technologies, sold the asset to POH Jupiter Ownership, LLC, of Hollywood, FL. The sale price was $30.7 million.

Jupiter RE, which purchased the property in 2005, made the strategic decision to exit the commercial real estate management arena and reinvest the equity it had invested in real estate into its expanding global business. CBRE arranged the sale and financing of the 185,000-square-foot asset. The property was 92% occupied at the time of the sale, with Jupiter RE occupying 34% of the medical office campus.

“The challenge for us, given a capital market environment where institutional equity is generally focused on CBD assets, was to identify a well-capitalized private equity firm willing to aggressively pursue a stable suburban office asset in a secondary, but burgeoning office/life sciences market,” says Scott O'Donnell, senior vice president with CBRE's Private Capital Group in Boca Raton, who represented the seller. “The well-capitalized private buyer had been targeting larger assets presently deemed 'non-institutional' that will offer a future institutional exit as the capital markets evolve and the Jupiter submarket matures.”