Acquest Development buys Royal Palm Beach offices for $23M

Rendina Real Estate sold the two buildings

Miami /
Aug.August 30, 2021 12:30 PM
9801 and 9901 Belvedere Road in Royal Palm Beach (Google Maps)

9801 and 9901 Belvedere Road in Royal Palm Beach (Google Maps)

Acquest Development paid $23 million for a pair of office buildings that are part of South University’s Royal Palm Beach campus.

The New York-based real estate investor bought the properties at 9801 and 9901 Belvedere Road from affiliates of Rendina Real Estate Development, according to records.

The purchase closed in two deals, with Acquest Development paying $15.3 million for the building at 9801 Belvedere Road and adjacent 3.2-acre parking lot, and $7.7 million for the building at 9901 Belvedere Road.

The properties total 70,192 square feet on 9.4 acres, property records show. They were built in 2009 and 2012, respectively.

Savannah, Georgia-based South University leased the offices from Rendina for a 10-year term, beginning in 2020, according to Rendina’s website.

Jupiter-based Rendina, led by Chair and CEO Richard Rendina, is a real estate investor focusing on hospitals, medical groups and other healthcare-related properties. It has bought and developed more than 7.88 million square feet, according to its website.

Acquest Development is a buyer, developer, builder and manager of offices, research facilities, light industrial, distribution centers and resorts, its website shows.

The deal comes on the heels of several Palm Beach County investment sales of offices, despite the pandemic that has put a damper on office use.

In July, Tricera Capital and three other partners bought the One Clearlake office tower in West Palm Beach for $60.7 million. The previous month, Clematis Banyan Investors bought Galleria International, also in West Palm Beach, for $20 million.






    Related Articles

    arrow_forward_ios
    Carl Austin Rosen and 235 Northeast 29 Street in Miami (Second Hand Songs, DWNTWN Realty Advisors/Crexi)
    Music exec and songwriter buys Edgewater building in Opportunity Zone
    Music exec and songwriter buys Edgewater building in Opportunity Zone
    Windstar Cruises president Chris Prelog with Doral Concourse (MG3 Group, Windstar)
    Lease roundup: Cruise line moving HQ to Doral, tech firm inks Wynwood lease
    Lease roundup: Cruise line moving HQ to Doral, tech firm inks Wynwood lease
    Investment duo pays $41M for Fort Lauderdale shopping plaza
    Investment duo pays $41M for Fort Lauderdale shopping plaza
    Investment duo pays $41M for Fort Lauderdale shopping plaza
    Attorney sells oceanfront Delray Beach mansion for $34M
    Attorney sells oceanfront Delray Beach mansion for $34M
    Attorney sells oceanfront Delray Beach mansion for $34M
    TA Realty sells Palm Beach Gardens office building for $17M
    TA Realty sells Palm Beach Gardens office building for $17M
    TA Realty sells Palm Beach Gardens office building for $17M
    Encore Capital’s Art Falcone and Vision Properties’ Fred Arena with 61 North University Drive in Plantation (Rescore, LoopNet)
    Art Falcone’s Encore Capital sells Plantation Walk office building for $58M
    Art Falcone’s Encore Capital sells Plantation Walk office building for $58M
    New York developers unveil plan for South Beach office project
    New York developers unveil plan for South Beach office project
    New York developers unveil plan for South Beach office project
    Millennium Management founder Israel Englander and the Sabadell Financial Center (Millennium Management, 1111 Brickell)
    Israel Englander’s Millennium Management inks 74K sf Brickell lease
    Israel Englander’s Millennium Management inks 74K sf Brickell lease
    arrow_forward_ios

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

    Loading...