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.
________________________________________________________________________________________ By Erik Bojnansky – Reporter, South Florida Business Journal
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.
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.
"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.
By Brian Bandell – Senior Reporter, South Florida Business Journal
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." _______________________________________________________________