The Real Deal Miami

Abacoa Corporate Center in Jupiter sells for $7M

1-acre property last sold for $5.9M in 2005

August 18, 2015 03:00PM
By Katherine Kallergis

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Abacoa Corporate Center

Abacoa Corporate Center in Jupiter

The Abacoa Corporate Center in Jupiter has sold for $6.95 million, or $272 per square foot, Marcus & Millichap announced on Monday.

Cove Neck Properties LLC, a Melville, New York-based company tied to Northville Industries, sold the 25,566-square-foot building at 1200 University Boulevard. Cove Neck paid $5.9 million for the site in December 2005, according to Palm Beach County property records.

Palm Beach-based Leonard Investments LLC purchased the building. Willis Austin is manager of the company, according to corporate records.

The fully leased, two-story Mediterranean-style building is near Abacoa Town Center and across the street from Roger Dean Stadium. It was developed in 2001 and sits on a nearly 1-acre lot.

“The sale of Abacoa Corporate Center is indicative of the strong demand we are experiencing for stabilized assets in high demographic sub-markets like Jupiter and exemplifies the collaborative capabilities of the Marcus & Millichap platform,” Marcus & Millichap director C. Todd Everett said in a press release.

Everett and Senior Vice President of Investments Douglas Mandel represented the seller, while Steven Goldwyn, associate director with Marcus & Millichap Capital Corp., provided financing.