(Read more on the TIC market.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.