Avison Young Completes Sale Of Four Office Buildings In Palm Beach Gardens

May 18, 2017 No Comments by

Avison Young closed the $18,600,000 sale of Professional Centre at the Gardens, a portfolio consisting of four separate two-story office buildings totaling 86,349 square feet situated on a 245,550 square foot lot (5.64-acres) located at 11601-11641 Kew Gardens Avenue in Palm Beach Gardens.

Avison Young’s John K. Crotty, CCIM, Principal, and Michael T. Fay, Principal and Managing Director of the firm’s Miami operations, marketed and led the sale of the property on behalf of the seller, special servicer LNR Partners and John Mitchell, the REO asset manager to the buyer, 11601-11641 Kew Gardens LLC.

During the last 18 months, Avison Young has exclusively provided leasing, management, and project management services for Professional Centre at the Gardens. During this time, Avison Young Principal & Managing Director, US Operations, Jonathan Satter, nearly doubled the asset’s occupancy through his leasing efforts, increasing tenancy at the building from roughly 50 to 98.5 percent.

 

“All key metrics of Palm Beach County’s office market point to its continued strengthening and within the PGA corridor, in particular, high demand for office space and limited availabilities are leading to ongoing rental rate increases,” said Crotty. “This, coupled with the maximization of our full-service team of leasing, management, and project management, resulted in a competitive investor bidding process which allowed for our client to ultimately realize a significant profit in selling Professional Centre at the Gardens to a highly motivated buyer.”

The North Palm Beach suburban submarket of Palm Beach Gardens has consistently recorded improving market fundamentals since 2012, as occupancy has climbed and rental rates have increased due in part to the minimal amount of square footage that has been introduced to the market in recent years.

 

“With only 63,500 square feet of office space under development in Palm Beach County as of the first quarter of 2017, tenants continue to compete for space, causing decreases in vacancy county-wide and the North Palm Beach submarket – roughly 12.91 and 8.32 percent, respectively – and increasing rental rates,” said Fay. “At 98.5 percent occupied, Professional Centre at the Gardens offered an attractive investment opportunity to buyers due to its excellent in-place income and stable long-term cash flow from an impressive roster of national, regional and local tenants.”

 

 

 

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Industry News, NA, Office, Palm Beach County Office
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