Maddock scoops up Boynton office campus for $10M

Miami /
Sep.September 13, 2016 03:10 PM

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.


Related Articles

arrow_forward_ios
Elliott Mandelbaum with 7900 Venture Center Way in Boynton Beach and 600 Business Park Way in Royal Palm Beach (Linkedin, Google Maps)
Eagle Arc buys South Florida nursing facilities for $36M
Eagle Arc buys South Florida nursing facilities for $36M
Bill Morris of Southcoast, and a rendering of the project (Credit: RLC Architects)
Developers propose multifamily mixed-use project in Boynton Beach
Developers propose multifamily mixed-use project in Boynton Beach
Jeff Greene and 1601 North Congress Avenue (Google Maps)
Jeff Greene buys hotel in Boynton Beach for $19M
Jeff Greene buys hotel in Boynton Beach for $19M
6405 West Boynton Beach Boulevard rendering, Pebb Enterprises President and CEO Ian Weiner
Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan
Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan
From left: 3716 Embassy Drive in West Palm Beach and 80 Nottingham Place in Boynton Beach
South Florida properties involved in $85M debt relief scheme head to auction
South Florida properties involved in $85M debt relief scheme head to auction
The health conscious grocer Earth Fare will close its stores
Earth Fare will close South Florida stores
Earth Fare will close South Florida stores
1210 Southwest 35th Avenue and Elion Partners Shlomo Khoudari
Elion Partners pays $26M for Boynton Beach warehouses
Elion Partners pays $26M for Boynton Beach warehouses
Discovery Village at Boynton Beach and Michael Trieber of White Oak Healthcare Finance (Credit: Google Maps, White Oak)
Healthpeak sells Boynton Beach senior living property for $56M
Healthpeak sells Boynton Beach senior living property for $56M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...