Results

Jones Lang LaSalle Inc.

09/17/2021 | Press release | Distributed by Public on 09/17/2021 09:06

Continued South Florida office demand drives $37.25M recent sale

MIAMI - Sept. 17, 2021 -JLL Capital Markets announced today that it has closed the $37.25 million sale of 3301 Quantum Blvd., a 100,000-square-foot, single-tenant, triple-net leased property in Boynton Beach, Florida.

JLL marketed the property for sale on behalf of the owner, a partnership between Fox Ridge Capital, LLC (Grant Horwitz) and developer/investors Joshua Schrager and Daniel Schwartz. Apex Capital, led by John Gaghan, purchased the asset, making it the sixth single-tenant, triple-net leased acquisition since their inception in 2019.

Recently renovated in 2021, 3301 Quantum Blvd. has been completely modernized-to-suit with updated elevators, HVAC systems, restrooms, common areas and roofing. The two-story property is fully leased to NYU Grossman School of Medicine, who operates a division of the NYU Langone Health System on-site. The mission-critical facility, which features 100% redundant power, will soon house approximately 900 employees that facilitate the billing, scheduling and telemedicine services for the healthcare group.

3301 Quantum Blvd. sits on an 8.2-acre site within the Quantum Office Park in the center of greater Palm Beach County. This location is convenient to Interstate 95 providing access to all of Palm Beach and Broward County and is only a short drive to both Delray Beach and Boca Raton.

The South Florida office market has seen unprecedented tenant and investor interest in the past year. New corporate expansions and relocations into the area are expected to continue to drive rental rates and occupancies upward with the population estimated to grow to more than 1.5 million by 2025 in Palm Beach County alone.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Hermen Rodriguez, Director Matthew McCormack, Managing Director Ike Ojala and Analyst Max Lescano.

'3301 Quantum is one of the premier suburban office complexes in Southern Palm Beach County and attracted the anchor tenant (NYU) after a nationwide location search,' McCormack added. 'The property underwent a complete renovation that coupled with the credit quality of NYU, made this a prime office acquisition. Palm Beach County continues to see new to market capital groups investing due to the pro-business climate.'

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.