West Palm Beach-Area Office Building Changes Hands – What is a Ground Lease?

, West Palm Beach-Area Office Building Changes Hands – What is a Ground Lease?, Robert Khodadadian

4200-4400 Northcorp Parkway

A joint venture between Alchemy-ABR Investment Partners and Breakers Capital Partners has sold 4200-4400 Northcorp Parkway, a Class A office property in Palm Beach Gardens, Fla. ABS National Business Parks acquired the asset for $38 million, in an off-market deal.

According to CommercialEdge data, the 115,000-square-foot property previously traded in 2016 for $30.1 million. In 2021, the asset became subject to a $25.4 million refinancing loan provided by Bank United, the same data provider shows.

Completed in 1996 and fully renovated in 2013, the four-story building is LEED Gold-certified and includes a fitness center and 329 parking spaces. The tenant roster comprises Garden of Life, Oxford Global Resources, DePuy Synthes Products and MDNow, a Florida urgent care provider which signed a 18,648-square-foot lease at the location in August 2022.

Situated on a 6.2-acre site adjacent to Interstate 95, the property is 12.5 miles from central West Palm Beach, Fla. Tenants have access to a variety of amenity options in the surrounding area, including restaurants and shops.

CommercialEdge data shows that Alchemy-ABR Investment Partners’ current portfolio comprises another Florida property, a 93,260-square-foot office building in Boca Raton. Formed in 2015, the company is developing over 1.5 million square feet of commercial real estate across New York, Miami, and Raleigh, N.C.

The post West Palm Beach-Area Office Building Changes Hands appeared first on Commercial Property Executive.

 Investment, Miami, News, Office, South, Alchemy-ABR Investment Partners, Breakers Capital Group 

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