Waterfront offices in Jupiter trade for $12M
An investment company just sold its waterfront five-story office building in Jupiter for $12 million.
The building, dubbed Riverwalk Center, is located at 150 South U.S. Highway 1. It has 35,324 square feet of office space and is solely occupied by the GenSpring Family Offices, a wealth management company owned by SunTrust Banks.
Riverwalk is adjacent to the sprawling $250 million Jupiter Yacht Club development, which houses five condo buildings, roughly 23,000 square feet of retail and restaurant space, plus a marina. The development was built in 2003.
Riverwalk Owner, which shares an address with the New York-based Praedium Group, was the seller.
Praedium is a private real estate investment firm whose clients have ranged from corporate pension funds to insurance companies, according to its website. The company mainly focuses on properties valued between $10 and $75 million, which it calls the “middle market.”
The buyer is a company named American BH Investments, headed by Hernan Leonoff of Aventura, according to Florida corporate records.
Leonoff is also a principal of Hollywood-based MG3 Developer Group, which invests in real estate and land development projects, according to the company’s website. The majority of MG3’s holdings are charter schools spread throughout Florida, though it also includes mixed-use and residential projects on its website, plus one office building — One Turnberry Place in Aventura.
Leonoff’s company took out $9.1 million in financing for the deal. Both the sale and the financing were arranged by commercial brokerage CBRE.
CBRE’s Scott O’Donnell, Dominic Montazemi, Anthony Librizzi and Miguel Alcivar represented Praedium for the sale, while Jason Hochman arranged the loan.
“RiverWalk Center offered an investor the opportunity to acquire an extremely well-located, high-quality asset with a long-term net lease in place to a credit tenant,” O’Donnell said in a statement. “The property offers stable cash flows as well as significant appreciation given Jupiter’s recent explosive growth and rising economic importance within the South Florida region.”