PEBB, Tortoise Properties Buy R&D Center Near West Palm Beach
- Mar 09, 2020
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.
This is the second joint venture between PEBB and Tortoise. In 2018, the firms partnered for the purchase of ADT Inc.’s global headquarters in Boca Raton, Fla.
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.
Situated at 1701 Military Trail on 16 acres, Jupiter Innovation Center is the town’s 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.
Jupiter Innovation Center is some 17 miles north of West Palm Beach. Scripps Research Center, Max Planck Florida Institute of Neuroscience and United Technologies’ Center for Intelligent Buildings are all situated a few miles south of the campus.
Cushman & Wakefield’s Scott O’Donnell, Michael Ciadella, Dominic Montazemi, Greg Miller and Miguel Alcivar brokered the deal on behalf of the seller. Jason Hochman of the firm’s Equity, Debt & Structured Finance group arranged the acquisition financing.