BOCA RATON, FL-Santa Ana, CA-based Triple Net Properties LLC has sold the three-building, 242,139-sf Fountain Square office complex to JP Morgan Chase Bank.
The property, which is located on 15 acres on Glades Road, was sold on behalf of tenant-in-common investors. Jay Caplin, of Cushman & Wakefield, represented the tenant-in-common sellers and JP Morgan Chase Bank in the transaction.
The property is 82% leased to several tenants, including Ameriprise Financial Inc., Teamstaff Inc. and Rosemont Farms. Triple Net Properties originally acquired the property in October 2004.
According to a CB Richard Ellis Q1 office market report for Palm Beach County, the Boca Raton office market was experiencing a 10.1% vacancy rate at the end of the quarter with 90,634 sf of negative absorption during the quarter and average asking rents of $19.02 per sf. Class A properties were experiencing a 9.1% vacancy rate at the end of the quarter with average asking rents of $21.70 per sf.
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