Acquest Development buys Royal Palm Beach offices for $23M

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.