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Property Details

Marketing Description

We are pleased to offer the opportunity to acquire the PBA Net-Leased Office Portfolio – a portfolio consisting of two 100{13dda1d77f96bc4e01ab58573f90526d30fd6d90710a0f0937fcfa918c15c232} occupied, class A, net-leased office buildings containing approximately 55,244 square feet in highly desirable Palm Beach County.

Both properties within the PBA Office Portfolio are master-leased to a regional operator of executive suites on a 10-year term with annual rent increases of 3.25{13dda1d77f96bc4e01ab58573f90526d30fd6d90710a0f0937fcfa918c15c232} and contain two, 5-year options with a 10{13dda1d77f96bc4e01ab58573f90526d30fd6d90710a0f0937fcfa918c15c232} rent adjustment. This operator has six locations currently throughout the Southeastern United States within Florida and Georgia. The ownership also has personal guarantees on the lease and corporate good guy clause.

The property consists of approximately +/- 40,000 square feet (sf) within four buildings and a central core – 20,000 sf is full-service executive suites and the remaining 20,000 sf is traditional space that is leased out on long-term leases and some tenants utilize the services of the executive suites. Mission Bay Office Plaza is superbly positioned in thriving West Boca Raton – just north of Glades Road and less than three miles west of Florida’s Turnpike – offering convenient access to the West Palm Beach, Boca Raton and Broward County Office markets. The city of Boca Raton contains over 17 million square feet of office space, 205 national and regional headquarters, two major medical centers and three universities creating a diverse economy and providing residents with high paying jobs.

Office Center Plaza

Office Center Plaza is a 15,244-sf, free-standing executive suite office building possessing suites from 100 to 260 sf with the ability to combine spaces, plus virtual suite users. This property is ideally positioned in Boynton Beach, just west of I-95 along Gateway Boulevard, close to the downtown and suburban office markets of West Palm Beach – comprising approximately 12.8 million square feet of office space. Some of the major employment centers in Downtown West Palm Beach include the Palm Beach County Courthouse, Philips Point, Esperante, the Palm Beach Financial District and the Breakers Hotel.