The Real Deal Miami

Maddock scoops up Boynton office campus for $10M

Seller had a major role in building out Boynton's Quantum Corporate Park

September 13, 2016 03:10PM
By Sean Stewart-Muniz

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2500 Quantum Lakes Drive (Inset: Paul Maddock Jr.)

2500 Quantum Lakes Drive (Inset: Paul Maddock Jr.)

Palm Beach County investor Paul Maddock Jr. just added a Boynton Beach office campus to his commercial real estate collection for $10 million.

County records show Maddock, through a company called Palamad, purchased the single-story office complex at 2500 Quantum Lakes Drive within the 500-acre Quantum Corporate Park.

It’s a U-shaped campus measuring 52,219 square feet with a 125-space surface parking lot in the center. Some of the property’s major tenants: Co-working company Quantum Business Center, which leases flex office space to other businesses, the Holistic Will substance abuse facility and Lynx Property Management.

According to data from the CoStar Group, 2500 Quantum Lakes Drive was just under 83 percent leased at the time of its sale, with an average asking rent of $14 per square foot, triple net.

Douglas MacDonald, who’s owned the offices since they were built in 2000, was the seller. He played a major role in developing the business park during the early 2000s, and currently sits as president of the park property owners’ association.

Maddock financed the deal with a $5.5 million loan from Sabadell United Bank, according to county records. The deal breaks down to about $191 per square foot.

Late last year, Maddock’s Palamad Development Company also picked up a newly built office building in Royal Palm Beach from Pebb Enterprises for $5.6 million.