The property, located at the intersection of US Highway 1 and AIA near the Jupiter Inlet, was built in 1981. The seller was Glenmorris LLC, which purchased the property in April 2001 for $7 million. Bob Sullivan, Steve Miskew and Mack Gaither, of West Palm Beach-based RJS Realty Group, Inc., handled the sale. Gaither tells GlobeSt.com that the seller was an entrepreneurial investor. "The seller believed this was the time to reap the levels of returns he wanted on the property," Gaither says.
Gaither adds that the high price was due primarily to the building's location, but also to the prominence of the building itself. The building was nearly 100% occupied at the time of the sale. "The building is near the Jupiter Inlet and has direct views of the ocean," Gaither says.
The second highest sale per sf in recent months was the Riverwalk Center on US Highway 1 just south of West Indiantown Road. That property was sold in December for $251 per sf.
Gaither adds that, in general, the real estate market in Northern Palm Beach County is being buoyed by Scripps Research Institute's plans to build at Florida Atlantic University's Abacoa campus. The first phase of the project will include construction of 364,000 sf of laboratories on 30 acres.
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