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Media company buys office building near FAU’s Jupiter campus for $19M
61.5K sf property is in city’s Abacoa neighborhood
LRP Media Group bought an office building near Florida Atlantic University’s Jupiter campus for $19 million.
Gladstone Commercial Corporation, through an affiliate, sold the four-story property at 1395 University Boulevard to an entity tied to Ken Kahn’s LRP Media Group, according to a deed. The property is in Jupiter’s Abacoa neighborhood.
Colliers’ Derek Baker represented the seller, and Michael Falk, also with Colliers, represented the buyer.
Gladstone Commercial, based in McLean, Virginia, bought the 61,500-square-foot building in 2012 for $15.5 million, records show. The property was constructed in 2010 on just over an acre. It will soon be available for lease, according to a source familiar with the property.
Gladstone is a real estate investment trust that invests in industrial and office properties, its website says. David Gladstone is chairman and CEO.
LRP Media, based in Palm Beach Gardens, publishes print and digital magazines, books, pamphlets, newsletters, videos and online resources focusing on the education, law and tech industries, as well as on federal employment and human resources, according to its website. Khan is president and founder.
Jupiter, a city in northern Palm Beach County, has seen some office investment sales activity in recent months.
In October, an entity tied to Prime Group Holdings of Saratoga Springs, New York, bought the four-story property at 150 South U.S. 1 next to the Jupiter Yacht Club for $12.3 million.
In multifamily sales, Bainbridge Companies and TPG Real Estate Partners paid $161.1 million for the 304-unit Allure at Abacoa apartment complex at 1456 Cades Bay Avenue and 4515 Main Street in June.
Overall, Palm Beach County’s office market vacancy rate was 13.5 percent in the first quarter, and the average asking rent was $53.47 per square foot, according to a JLL report.
Activity has been largely concentrated in downtown West Palm Beach, an area that has attracted some of the influx of out-of-state companies to South Florida.
Stephen Ross’ Related Companies is building the One Flagler waterfront office building in West Palm Beach, and Jeff Greene’s One West Palm is nearing completion.