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4400 Northcorp Pkwy, Palm B...

Garden Of Life Leases Office Space At 4400 Northcorp Pkwy In West Palm Beach
LEASEDOffice

Garden Of Life Leases Office Space At 4400 Northcorp Pkwy In West Palm Beach

4400 Northcorp Pkwy, Palm Beach Gar...

Building Size

36,096 SF

Asset Type

Office

Closing

Oct 23, 2017

AI

The Corporate Center at the Gardens in Palm Beach Gardens, Fla., spans 113,565 square feet across two buildings, located at 4200 and 4400 Northcorp Parkway. The office complex features covered and garage parking, recent renovations, and a LEED Gold certification. Building 4200 is a four-story structure built in 1996, covering 95,065 square feet, while Building 4400 is a two-story property completed in 1999, with 18,500 square feet of space.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Tenant: Garden of Life
  • Square Feet: 36,096
  • Landlord: Alchemy-ABR Investment Partners

Garden of Life, an organic nutrition innovator, has expanded its lease at Corporate Center at the Gardens by 8,138 square feet to accommodate its growth plans. The campus is fully leased, with other tenants including Oxford Global Resources, Olympus Insurance Co., and Weiss Research Inc. C&W's Anthony Librizzi facilitated the lease renewal and expansion on behalf of the landlord, while CBRE's Kevin Probel and Kevin McCarthy represented Garden of Life in the negotiations. The complex's visibility along Interstate 95, proximity to premium amenities, and modern work environment make it an attractive location for tenants seeking a unique workspace in the northern Palm Beach County market.

Players

Kevin Probel

JLL

Broker

$90.2M

vol

12 deals

Broker
CBRE
CBREBrokerage
GL
Garden of LifeTenant

West Palm Beach Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93