Newmark Knight Frank (NKF) finalized the sale of two Class A office buildings in South Florida totaling 77,969 square feet, according to a release.
Alan Long, managing director, brokered both transactions.
In the first transaction, Rushmore PGA, LLC sold a 33,090-square-foot office building known as PGA Professional and Design Center to JHKA Group, LLC. Alan Levy, Broker/President of Levy Realty Advisors, represented JHKA Group, LLC in the acquisition. The acquisition price was $10,200,000. Levy Realty Advisors has been appointed Property Manager and exclusive leasing agent.
Located in the heart of Palm Beach Gardens at 4290 Professional Center Drive, the office building is currently 100% leased. Built in 2007, the building showcases beautiful Mediterranean architecture in a pedestrian-friendly atmosphere and is located less than one mile from Interstate 95. Long represented the seller in the transaction.
“PGA Professional and Design Center was a strategic purchase for the buyers as it represents their first acquisition in Palm Beach County,” said Long. “We continue to see high demand for quality Class A office assets in South Florida due to the sparse amount of available space in the region.”
PGA Professional and Design Center is also located within 2 miles of Florida’s Turnpike and is surrounded by a bevy of retail and dining, including Downtown at the Gardens, Legacy Place Shops and The Gardens Mall, which together have more than 250 shops and restaurants.
In the second transaction, Med Prop Management, LLC bought University Medical Arts Building South, a 44,879-square-foot office building, from Rushmore Tamarac, LLC. Located at 7431 North University Drive in Tamarac, the building is 65% occupied with 15,457 square feet of available space. The building was originally constructed in 1998 and was renovated in 2017. Long represented both the buyer and the seller in the transaction.
The building lies on the campus of University Hospital and Medical Center and is located just minutes form the Sawgrass Expressway and the Florida Turnpike. The property also features high visibility along the adjacent State Route 817.
“This medical office building asset checked all the boxes for Med Prop Management, which required a value-add property,” Long said. “The acquisition furthers the buyer’s strategy of increasing asset diversification within their existing portfolio. Continued economic growth and development in the surrounding area will create new opportunities for ownership and strengthens the company’s position over the long haul.”
According to NKF Research, Broward County recorded its lowest vacancy rate in 12 years during Q3 2019, dipping below the 10% mark for the second consecutive quarter while leading the state in demand growth. Broward’s office sector experienced the strongest year-over-year rent growth for the region, with rental rates eclipsing the previous record high of $29.61/SF recorded in 2008.
