Wednesday, April 6, 2022 / by Jill Perry-Zaborowski
BLURBS OF REAL ESTATE NEWS IN SOUTH FLORIDA / PALM BEACH COUNTY
BLURBS OF REAL ESTATE NEWS IN SOUTH FLORIDA / PALM BEACH COUNTY
4/7/22
By Brian Bandell Senior Reporter, South Florida Business Journal
The Sophia at Abacoa apartments in Jupiter sold for $202.5 million, or $519,231 per unit.The huge price reflects the rapid rent increases at apartment complexes in northern Palm Beach County. The price per unit is just shy of the $535,000 median sales price for a single-family home in Palm Beach County recorded during February, according to the Florida Realtors.
A South Florida-based coworking company increased its office space by more than 100% in downtown West Palm Beach.
Quest Workspaces will move into 13,164 square feet on the fourth floor of the Northbridge Centre at 515 N. Flagler Drive in October, according to a release from CBRE Group.
Quest already occupies 12,783 square feet of space on the building's third floor. This deal gives the company a total of 25,947 square feet within the 21-story tower.
Kevin Probel and Kevin McCarthy represented landlords Vanderbilt Office Properties and C-III Capital Partners. Lance Benson of Newmark Group represented Quest.
Quest's West Palm Beach clientele includes Louisville, Kentucky-based insurance giant Humana, West Palm Beach health technology company Bravado Health, and Cleveland-based Third Federal Savings & Loan.
Quest CEO Laura Kozelouzek said the addition will accommodate 150 new clients.
"We are doubling the size of our coworking center because we have seen a consistent increase in demand for our Northbridge location in West Palm," Kozelouzek stated in an e-mail to the Business Journal.
The migration of out-of-state companies — mainly in the finance sector — to West Palm Beach's central business district has made that neighborhood's office sub-market the most expensive in South Florida. In the fourth quarter of 2021, West Palm Beach CBD asking rents averaged $66.06 a square foot, according to a recent report from Colliers International.
A trust in the name of billionaire Dwight C. Schar, the chairman and founder of homebuilder NVR and a former minority owner of an NFL team, paid $46.42 million for a Palm Beach mansion.
Immohome AG, managed by Klaus Andresen in Liechtenstein, sold the 8,445-square-foot home along the Intracoastal Waterway at 460 Worth Ave. The off-market deal equated to $5,497 a square foot.
It last traded for $20.5 million in 2017, so the home more than doubled in value.
There’s been strong demand for homes in wealthy Palm Beach as more people move to the town. This is one of the few homes directly on Worth Avenue, a well-known shopping district for luxury goods.
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The environmentally friendly EcoPlex office building in West Palm Beach sold for $32.5 million.
EcoPlex Partners, managed by Frank E. Navarro in West Palm Beach, sold the 100,525-square-foot office at 1641 Worthington Road to a joint venture between West Palm Beach-based MHCommercial Real Estate Fund II and New York-based Waterfall Asset Management. The MHCommercial fund is run by Dung Lam, Neil E. Merin and Jordan Paul of commercial real estate brokerage NAI/Merin Hunter Codman. LoanCore Capital financed the deal, with help from Steve Kay of JP Kost. The price equated to $320 a square foot.
“An influx of new-to-market tenant activity in downtown West Palm Beach is putting tremendous upwards pressure on CBD [Central Business District] market rents, causing the spread between CBD and Ecoplex rents to swell to nearly $35 per square foot – the widest it has ever been," Lee said. "As this trend continues, EcoPlex is perfectly positioned to capture tenants that are seeking value alternatives that still provide proximity to Downtown West Palm Beach."
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