Swelling demand for Jupiter property helped in getting a higher level of investor interest for this property.
JUPITER, Florida (PRWEB) October 23, 2017
KELLER WILLIAMS COMMERCIAL REAL ESTATE is pleased to announce that BRAD KUSKIN, Managing Agent of Northern Palm Beach County, has arranged the sale of a freestanding professional office building in Jupiter, FL. The Buyer, who wished to remain anonymous, purchased the 10,074 square foot property with a final sale price of $1,600,000.
Spurred by numerous offers to purchase from outside investors, the established tenant decided to retain control of the property and acquire the building, which it had leased on a net basis since 2012. The asset, located on Indiantown Road, will be retained as the administrative and educational facilities for the tenant until completion of its new 32,000 square foot campus on an adjacent parcel. The sale closed at $160.00 per rentable square foot, representing a cap rate equivalent of 6.8%, marking a new area high for a wood-framed building constructed before 1999.
“Our comprehensive marketing plan of the NNN investment opportunity backed by swelling demand for Jupiter based investment property helped in getting a higher level of investor interest for this property. Ultimately, it was this investor demand that prompted the tenant to defend control of the property and acquire the asset rather than extending its existing lease,” said Kuskin.
The seller, North Carolina based RAB Group Jupiter, LLC, was motivated to sell the property to exchange equity into a new asset. The buyer and seller negotiated a cash transaction with 45-day escrow and limited due diligence contingencies.
About Keller Williams Commercial Real Estate:
KELLER WILLIAMS COMMERCIAL REAL ESTATE is widely recognized as an industry leader in all segments of the commercial real estate market, including office, multifamily, shopping center, distribution, and single tenant net lease assets. KW Commercial leverages the nation's most extensive network of real estate agents to achieve synergies between residential and commercial clients. Keller Williams Commercial Real Estate serves clients throughout the United States and Canada. For more information, please visit http://www.kwcreco.com