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Colliers facilitates the sale of the prestigious Abacoa Town Center in Jupiter for $19M

Colliers South Florida represented the buyer and seller in the sale of the mid-rise office property.

JUPITER, FL | September 16, 2022 – As the South Florida office market continues to experience robust activity, Colliers has facilitated the sale of Abacoa Town Center located at 1395 University Boulevard in Jupiter, FL. Colliers Managing Director Derek Baker represented the seller, Gladstone Commercial Corporation, and Executive Managing Director Michael Falk represented the buyer, LRP Properties Abacoa LLC., in the deal. 

“The transaction was a true win-win,” said Baker. “Gladstone was able to achieve a favorable exit of the asset, which they owned for over 10 years, while LRP acquired a rare opportunity in Jupiter.” 

The entire 61,451-square-foot building is currently being marketed for lease by Colliers, offering any combination of the four ±16,000-square-foot floorplates.

The office building is located within Abacoa, an affluent Jupiter submarket on Florida’s east coast. The Class A office asset is within an established trade area with easy connectivity to local amenities, high-end retailers, major roadways, and some of South Florida’s beautiful beaches. The entire four-story building is currently available for lease, offering the upside potential of leasing the space as a headquarters location. The center provides the option of leasing separate floors or subdividing floors for office/medical use.

“This was a rare investment opportunity in the Jupiter submarket where vacancy remains as low as 4.2% due to continued strong demand for office space,” said Falk. “This was an excellent chance for my client to expand their presence in the area.”

The seller, Gladstone Commercial Corporation, is an equity real estate investment trust focused on investing in single-tenant and anchored multi-tenant net leased industrial and office properties nationwide. As of June 2022, their diversified portfolio across 27 states includes 136 office and industrial properties leased to 112 tenants. Gladstone purchased Abacoa Town Center in 2012 for $15.5 million.

The buyer, LRP Properties Abacoa LLC., is a real estate affiliate of LRP Publications, a broad-based media company publishing business-to-business newsletters, magazines, books, software, and online services. The media giant was founded in 1977 by Kenneth Kahn and presently serves millions of business and educational professionals worldwide with industry-leading print and digital products. 

Abacoa is a small downtown district in Jupiter offering a traditional old “Main Street” charm and neighborly feel while catering to a modern lifestyle where residents and workers can live, work, and play. This relaxed atmosphere makes the master-planned community of Abacoa a convenient and appealing office market for tenants seeking to work close to their homes. In turn, the area has attracted investment interest offering a vacancy rate as low as 4.2% in the second quarter of 2022, lower than Palm Beach County’s 9.1% average. 

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Derek Baker

Managing Director

West Palm Beach

As Managing Director in the Boca Raton office of Colliers in South Florida, Derek is leader of a team delivering strategic solutions for local, regional occupiers and national corporate clients. Combining deep market knowledge with occupier trends, he creates real estate opportunities that match clients’ business objectives.

His diverse background of real estate experience - ranging from leasing, business development, real estate development and property management – allows him to better understand the angles and drivers of each transaction. Most recently as the Director of Property Management with Cohen Commercial Realty in West Palm Beach, he provided leadership and direction to a team supporting a portfolio comprised of approximately 4.5 million square feet of retail and office space. While there, Baker strategized with the CEO on optimization and profitability measures by best positioning all assets in their respective markets. He also served as the Lead Developer responsible for securing site plan approvals and construction permits with the City, County, and SBDD for a Publix redevelopment project. 

Bringing nearly ten years of South Florida commercial real estate experience to his role at Colliers, Derek has also been successful in business development and leasing roles with Alliance Property Systems, Commerce Group and Synergy Real Estate.

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Michael Falk

Executive Managing Director - Industrial/Office Services

West Palm Beach

As an experienced professional in the field of Commercial/Industrial Real Estate since 1982,  Michael Falk serves as a Commercial Market Specialist in the South East Florida Metropolitan market, delivering an elevated level of expertise. Falk has successfully performed site selections, corporate consulting, lease analysis, sales and leasing, nationwide. He also provides national market consulting to various Wall Street Investment Firms. 

 Prior to joining  Colliers, he founded Michael Falk & Co., LLC in  1998 and it grew to become a full-service commercial brokerage firm focused on the sale and leasing of office, industrial, and investment properties. Michael Fak's team represented a variety of clients including Wall Street investment firms and Fortune 500 companies while also working with some of the region’s largest industrial owners, including West Palm Beach-based McCraney Property Co. and Precise Properties.

Before establishing Michael Falk & Co., LLC in South Florida in 1998, Michael Falk served as Vice President for Charles Klatskin Company Inc., a New Jersey based Broker & Developer, from January 1983 to September 1998, where he transacted with many Fortune 500 Companies. 

Falk is both a CCIM and dual designated Office and Industrial real estate specialist for The Society of Industrial and Office Realtors (SIOR).

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