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Apex Capital pays $37M for Boynton Beach office building
Property is fully leased to NYU Grossman School of Medicine
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.