{"id":1004398268,"date":"2020-03-09T06:28:48","date_gmt":"2020-03-09T14:28:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004398268"},"modified":"2020-03-09T06:28:48","modified_gmt":"2020-03-09T14:28:48","slug":"pebb-tortoise-properties-buy-rd-center-near-west-palm-beach","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\/","title":{"rendered":"PEBB, Tortoise Properties Buy R&D Center Near West Palm Beach"},"content":{"rendered":"
\"Jupiter<\/a>

Jupiter Innovation Center<\/p><\/div>\n

PEBB Enterprises and Tortoise Properties have paid $31.5 million for Jupiter Innovation Center, a 186,238-square-foot office and R&D property in Jupiter, Fla. <\/p>\n

This is the second joint venture between PEBB and Tortoise. In 2018, the firms partnered for the purchase of ADT Inc.\u2019s global headquarters<\/a> in Boca Raton, Fla.<\/p>\n

According to Yardi Matrix data, the seller was PointOne Holdings, which acquired the Class B asset in 2013 for $30.7 million from Florida Turbine Technologies. Cushman & Wakefield assisted the seller in the deal, also arranging a $30.5 million acquisition loan from Rialto Capital Management for the buyer.<\/p>\n

Situated at 1701 Military Trail on 16 acres, Jupiter Innovation Center is the town\u2019s largest commercial office property. Completed in 1990 and renovated in 2016, the single-story property is currently 55 percent leased to a mix of tenants including Jupiter Medical and former landlord Florida Turbine Technologies. The new owners intend to implement value-add strategies that include building improvements and a new 50,000-square-foot, two-story medical and professional office development.<\/p>\n

Jupiter Innovation Center is some 17 miles north of West Palm Beach. Scripps Research Center, Max Planck Florida Institute of Neuroscience and United Technologies\u2019 Center for Intelligent Buildings are all situated a few miles south of the campus.<\/p>\n

Cushman & Wakefield\u2019s Scott O\u2019Donnell, Michael Ciadella, Dominic Montazemi, Greg Miller and Miguel Alcivar brokered the deal on behalf of the seller. Jason Hochman of the firm\u2019s Equity, Debt & Structured Finance group arranged the acquisition financing.<\/p>\n","protected":false},"excerpt":{"rendered":"

The new owners plan to upgrade the 16-acre campus, including the development of a new 50,000-square-foot building.<\/p>\n","protected":false},"author":870,"featured_media":1004398277,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,1492,21742,21747],"tags":[32799,36161,35857,40722,48941,33028],"class_list":["post-1004398268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-miami","category-latest","category-office","tag-cushman-wakefield","tag-dominic-montazemi","tag-greg-miller","tag-pebb-enterprises","tag-pointone-holdings","tag-rialto-capital-management"],"acf":[],"yoast_head":"\nPEBB, Tortoise Properties Buy R&D Center Near West Palm Beach - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PEBB, Tortoise Properties Buy R&D Center Near West Palm Beach\" \/>\n<meta property=\"og:description\" content=\"The new owners plan to upgrade the 16-acre campus, including the development of a new 50,000-square-foot building.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-09T14:28:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Jupiter-Innovation-Center-e1583751833389.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Marinescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\\\/\"},\"author\":{\"name\":\"Adriana Marinescu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d8680cf55f814fe2742cf94207212af1\"},\"headline\":\"PEBB, Tortoise Properties Buy R&D Center Near West Palm Beach\",\"datePublished\":\"2020-03-09T14:28:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\\\/\"},\"wordCount\":261,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/03\\\/Jupiter-Innovation-Center-e1583751833389.jpg\",\"keywords\":[\"Cushman & Wakefield\",\"Dominic Montazemi\",\"Greg Miller\",\"Pebb Enterprises\",\"PointOne Holdings\",\"Rialto Capital Management\"],\"articleSection\":[\"Deals\",\"Finance\",\"Investment\",\"Miami\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\\\/\",\"name\":\"PEBB, Tortoise Properties Buy R&D Center Near West Palm Beach - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/03\\\/Jupiter-Innovation-Center-e1583751833389.jpg\",\"datePublished\":\"2020-03-09T14:28:48+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d8680cf55f814fe2742cf94207212af1\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/03\\\/Jupiter-Innovation-Center-e1583751833389.jpg\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/03\\\/Jupiter-Innovation-Center-e1583751833389.jpg\",\"width\":640,\"height\":480,\"caption\":\"Jupiter Innovation Center\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"PEBB, Tortoise Properties Buy R&D Center Near West Palm Beach\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d8680cf55f814fe2742cf94207212af1\",\"name\":\"Adriana Marinescu\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g\",\"caption\":\"Adriana Marinescu\"},\"description\":\"Adriana Marinescu is an associate editor with Commercial Property Executive and Multi-Housing News. She joined the CPE-MHN team in 2019.\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/adriana-marinescu\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"PEBB, Tortoise Properties Buy R&D Center Near West Palm Beach - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\/","og_locale":"en_US","og_type":"article","og_title":"PEBB, Tortoise Properties Buy R&D Center Near West Palm Beach","og_description":"The new owners plan to upgrade the 16-acre campus, including the development of a new 50,000-square-foot building.","og_url":"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2020-03-09T14:28:48+00:00","og_image":[{"width":640,"height":480,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Jupiter-Innovation-Center-e1583751833389.jpg","type":"image\/jpeg"}],"author":"Adriana Marinescu","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\/"},"author":{"name":"Adriana Marinescu","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d8680cf55f814fe2742cf94207212af1"},"headline":"PEBB, Tortoise Properties Buy R&D Center Near West Palm Beach","datePublished":"2020-03-09T14:28:48+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\/"},"wordCount":261,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Jupiter-Innovation-Center-e1583751833389.jpg","keywords":["Cushman & Wakefield","Dominic Montazemi","Greg Miller","Pebb Enterprises","PointOne Holdings","Rialto Capital Management"],"articleSection":["Deals","Finance","Investment","Miami","News","Office"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\/","url":"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\/","name":"PEBB, Tortoise Properties Buy R&D Center Near West Palm Beach - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Jupiter-Innovation-Center-e1583751833389.jpg","datePublished":"2020-03-09T14:28:48+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d8680cf55f814fe2742cf94207212af1"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Jupiter-Innovation-Center-e1583751833389.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Jupiter-Innovation-Center-e1583751833389.jpg","width":640,"height":480,"caption":"Jupiter Innovation Center"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-properties-buy-rd-center-near-west-palm-beach\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"PEBB, Tortoise Properties Buy R&D Center Near West Palm Beach"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d8680cf55f814fe2742cf94207212af1","name":"Adriana Marinescu","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g","caption":"Adriana Marinescu"},"description":"Adriana Marinescu is an associate editor with Commercial Property Executive and Multi-Housing News. She joined the CPE-MHN team in 2019.","url":"https:\/\/www.commercialsearch.com\/news\/author\/adriana-marinescu\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Jupiter-Innovation-Center-e1583751833389.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004398268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/870"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004398268"}],"version-history":[{"count":5,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004398268\/revisions"}],"predecessor-version":[{"id":1004398562,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004398268\/revisions\/1004398562"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004398277"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004398268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004398268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004398268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}