The property involved in this transaction is an office asset located at 11025 Rca Center Drive in the Palm Beach Gardens market. The asset spans 4.65 acres and comprises approximately 57,000 square feet. The sale price for this property was $32,500,000, which reflects a price per square foot of $570.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $32,500,000
• Buyer: Ben Friedman - Abacus Capital Group
• Seller: Daniel Catalfumo
• Sale Date: 11/06/2024
• Acquisition Price by Seller: $18,380,000 in 2022
• Future Development: Plans for a 620-unit apartment complex with amenities such as rooftop pool decks, fitness rooms, and parking garages
• Development Location: PGA Station Business Park

Ben Friedman represents Abacus Capital Group in this transaction, while Daniel Catalfumo is the seller in this deal. This sale marks a strategic opportunity for Abacus Capital Group to expand its portfolio in the Palm Beach Gardens area, with significant plans for redevelopment of the site which previously consisted of two office buildings.