West Palm Beach-Area Office Building Changes Hands
Alchemy-ABR Investment Partners was one of the sellers of the Class A property.
A joint venture between Alchemy-ABR Investment Partners and Breakers Capital Partners has sold 4200-4400 Northcorp Parkway, a Class A office property in Palm Beach Gardens, Fla. ABS National Business Parks acquired the asset for $38 million, in an off-market deal.
According to CommercialEdge data, the 115,000-square-foot property previously traded in 2016 for $30.1 million. In 2021, the asset became subject to a $25.4 million refinancing loan provided by Bank United, the same data provider shows.
Completed in 1996 and fully renovated in 2013, the four-story building is LEED Gold-certified and includes a fitness center and 329 parking spaces. The tenant roster comprises Garden of Life, Oxford Global Resources, DePuy Synthes Products and MDNow, a Florida urgent care provider which signed a 18,648-square-foot lease at the location in August 2022.
Situated on a 6.2-acre site adjacent to Interstate 95, the property is 12.5 miles from central West Palm Beach, Fla. Tenants have access to a variety of amenity options in the surrounding area, including restaurants and shops.
CommercialEdge data shows that Alchemy-ABR Investment Partners’ current portfolio comprises another Florida property, a 93,260-square-foot office building in Boca Raton. Formed in 2015, the company is developing over 1.5 million square feet of commercial real estate across New York, Miami, and Raleigh, N.C.