Apex Capital pays $37M for Boynton Beach office building

Property is fully leased to NYU Grossman School of Medicine

Miami /
Sep.September 20, 2021 08:45 AM
3301 Quantum Boulevard in Boynton Beach and Apex Capital Investments CEO John Gaghan (JLL, Apex)

3301 Quantum Boulevard in Boynton Beach and Apex Capital Investments CEO John Gaghan (JLL, Apex)

Apex Capital Investments scooped up a fully leased Boynton Beach office building for $37.3 million.

The Philadelphia-based investor bought the property at 3301 Quantum Boulevard in the Quantum Office Park, according to a news release.

The two-story, 100,000-square-foot building is fully leased to New York University Grossman School of Medicine, which is part of NYU Langone Health. It also runs a Langone division at the site.

The seller is a partnership between Fort Lauderdale-based Fox Ridge Capital and developers and investors Joshua Schrager and Daniel Schwartz.

Fox Ridge, led by Grant Horwitz, is a private real estate and asset management firm, focusing on office, retail and mixed-use properties throughout the U.S., but mainly in the Southeast.

The partnership bought the building, constructed in 1995, for $5.1 million in 2017, property records show. The building was renovated this year. It’s on 8.2 acres.

Hermen Rodriguez and Matthew McCormack were part of the JLL team that represented the seller.

Apex Capital, led by John Gaghan, is a relatively new investor, as it was founded in 2019, according to its website. The Quantum purchase is Apex’s sixth single-tenant, triple-net leased purchase, according to the release.

South Florida’s medical and medical-related office space has remained buoyant in light of Florida’s aging population. In Boynton Beach, ShareMD, which focuses on healthcare office space and physicians’ coworking space, bought a medical office building for $6.5 million in May.

Palm Beach County also is emerging from the pandemic’s hit on the office market, as it was the first one in South Florida to register positive new absorption in the second quarter, according to JLL.

The growth largely is because of a financial firm influx, with many of these companies opting for downtown West Palm Beach. Among them is Paul Singer’s hedge fund Elliott Management, which is expected to lease at newly built 360 Rosemary.

Stephen Ross’ Related Companies has made a more than $457 million bet on downtown West Palm by scooping up two towers and half of the ownership stake in a third. It also completed 360 Rosemary and plans to build One Flagler.





    Related Articles

    arrow_forward_ios
    Ambrose’s Aasif Bade and a rendering of the warehouse at 15810 Walgreens Drive
    Ambrose scores $27M construction loan for warehouse project in Jupiter
    Ambrose scores $27M construction loan for warehouse project in Jupiter
    Intech Investment Management's Robert Garvy and Warner Pacific Insurance Services' John J. Nelson with The Bristol Palm Beach at 1100 South Flagler Drive
    Financier sells Bristol condo in West Palm for $21M
    Financier sells Bristol condo in West Palm for $21M
    Landstar’s Virginia Cepero, David Serviansky and Rosa Eckstein Schecter
    Avenir scores $80M in bond financing to build infrastructure
    Avenir scores $80M in bond financing to build infrastructure
    East End Capital’s David Peretz and Jonathon Yormak with 100 Biscayne Boulevard
    East End sues ex-Australian investors in Miami office tower for $2M
    East End sues ex-Australian investors in Miami office tower for $2M
    Wayne Huizenga Jr. and his new West Palm Beach mansion at 3100 North Flagler Drive
    Wayne Huizenga Jr. faces lawsuit tied to West Palm Beach mansion
    Wayne Huizenga Jr. faces lawsuit tied to West Palm Beach mansion
    Miami Skyline
    South Florida by the numbers: A look back at 2022
    South Florida by the numbers: A look back at 2022
    Gina Rinehart with 107 Dolphin Road and 6 Via Los Incas in Palm Beach
    Australian billionaire family linked to Palm Beach home purchases totaling $100M-plus
    Australian billionaire family linked to Palm Beach home purchases totaling $100M-plus
    A photo illustration of BH Group’s Isaac Toledano, Related Group’s Jorge Perez, and Marina Village in Riviera Beach (Getty, BH Group, Related Group)
    Riviera Beach CRA approves deal for Marina Village apartment building
    Riviera Beach CRA approves deal for Marina Village apartment building
    arrow_forward_ios

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

    Loading...