Scott O'Donell
MIAMI—Corporate Center at the Gardens, a 113,565-square-foot, two-building, class A office campus located at 4200–4400 Northcorp Parkway in Palm Beach Gardens, FL, has traded hands. The office assets sold for $30.5 million, or $264 per square foot.
Cushman & Wakefield executive director Scott O'Donnell, senior director Dominic Montazemi, director Miguel Alcivar, senior associate Greg Miller, senior director Jason Hochman and CBRE's Anthony Librizzi represented the seller, Lexington Palm Beach. Alchemy-ABR-BCP Gardens acquired the office buildings.
Corporate Center at the Gardens sits on 6.2-acre parcel in PGA Professional Center. Building 4200 is a 95,065-square-feet, four-story structure developed in 1996. Building 4400 is a 18,500-square-foot, two story structure developed in 1999. The office campus also features covered and garage parking. Ownership invested nearly $9 million in capital improvements to the campus beginning in 2012.
“Over the past three years, the owner completed a slab-to-slab gut and rebuild of the interiors, incorporating tenant build-outs of the highest standard,” O'Donnell tells GlobeSt.com. “As a result, Corporate Center at the Gardens remains a fully stabilized, trophy asset in a prestigious, supply-constrained market. Both the seller and buyer worked cohesively and professionally through the issues that inevitably surface during due diligence and financing for a deal of this size and profile.”
Garden of Life, Oxford Global Resources, Olympus Insurance Company, and Weiss Research, are among the major tenants. The campus was 100% occupied at the time of sale.
Corporate Center at the Gardens sits along Interstate 95 just south of PGA Boulevard. An affluent demographic base surrounding the office buildings supports neighboring country clubs, executive housing, and high-end retail at The Gardens Mall and Downtown at the Gardens, among others.
“Having grown up in Palm Beach County, I have deep personal and professional ties here that date back over 30 years,” Brian Ray, managing partner at Alchemy-ABR, tells GlobeSt.com. “In a market where commercial, residential, and mixed-use investment and development is strong, we are excited to acquire this incredibly well-located property at an attractive basis with great tenants.”
According to CushWake research, the Palm Beach County office market continues to post strong market fundamentals, driving demand for assets such as Corporate Center at the Gardens. “The Palm Beach County office market continued to gain velocity as leasing activity totaled 1.7 million square feet in 2015, a 38.4% increase year-over-year,” wrote senior research analyst Valerie Tatum in the firm's Q4 2015 Palm Beach County Office MarketBeat Report. “Much of the leasing activity is due to organic growth as companies work to 'right size' their teams after a period of downsizing. The move towards stabilization has allowed the market to absorb 419,888 square feet during the year, continuing a seven-year streak of positive annual absorption.”
In other Palm Beach County news, NorthMarq Capital earlier this month placed a multifamily loan with a life company. Click here to read more about the deal.
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