ABS National Business Parks Acquires Property In Palm Beach Gardens For $30.5 Million

The property involved in this transaction is Gardens Plaza, located at 3300 PGA Boulevard, Palm Beach Gardens. This mixed-use campus includes a nine-story office tower and a two-story medical office building, with a total price of $30,500,000. At the time of sale, the property was 85 percent leased to various corporate tenants.

Summary of transaction details:

• Property Type: Mixed-Use Campus
• Transaction Amount: $30,500,000
• Address: 3300 PGA Boulevard, Palm Beach Gardens
• Market: Palm Beach Gardens
• Seller's Representatives: José Lobón (CBRE), Kevin McCarthy (CBRE), Kevin Probel (CBRE)
• Buyer: ABS National Business Parks
• Seller: Stiles

Christian Lee, José Lobón, Kevin Probel, and Kevin McCarthy of CBRE represented the seller in this deal. Additionally, Brian Warwick from ABS Altman Warwick LLC collaborated with Amy Julian from CBRE’s Debt & Structured Finance division to secure a 10-year, fixed-rate acquisition loan through JPMorgan. The buyer, ABS National Business Parks, plans to modernize the property with enhancements such as upgrading to a high-level HEPA air filtration system and updating the building’s four elevators.