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Stiles sells Palm Beach Gardens office complex for $31M
Two-building property is 85% leased
ABS National Business Parks bought an office complex in Palm Beach Gardens for $30.55 million.
The New York-based real estate owner-operator bought the two-building Gardens Plaza and adjacent developable parcel at 3300 PGA Boulevard from Fort Lauderdale-based Stiles, according to a news release. ABS National Business took out an $18 million acquisition loan from JPMorgan.
Gardens Plaza is 85 percent leased, with some vacancies at the nine-story, 86,542-square-foot building. Jupiter Medical takes up the entire two-story, 5,627-square-foot medical office building.
The developable parcel allows for up to 120,000 square feet of offices, according to the release.
Christian Lee and José Lobón led the CBRE team that represented the seller.
Property records show the complex was built in 1987 on 4.5 acres. Stiles, a family owned real estate firm led by Kenneth Stiles, bought the office complex in 2015 for $23 million.
ABS National Business Parks has an ownership interest in 100 properties totaling 14 million square feet throughout the Eastern Seaboard. Its website does not list any other holdings in Florida, although the release said it plans further expansion in South Florida.
This is the latest in a slew of recent office sales in South Florida. Among them, Miami-based Midtown Capital Partners bought a recently built office property at the Plantation Pointe business park in Plantation for $78 million; and RealOp Investments bought the three-building Waterford Atrium near Miami International Airport for $110 million.