Admiralty Acquisition Co. LLC sold the 80,300 square foot, 10-story office building at 4400 PGA Boulevard, in Palm Beach Gardens, Florida, to Dr. A. John Merola, of Jupiter, Fla., for $18,525,000 ($231 per sf).
The buyer was represented by Summit Commercial Real Estate Group of Syracuse, New York. The seller was represented by NAI/Merin Hunter Codman.
The Seller, an entity formed by Ray Celedinas of Celedinas Insurance Group and local investors, acquired the property in September of 2013 from a CMBS trust that had foreclosed on the property. At the time of acquisition, the property was just 21% occupied after losing a number of tenants including homebuilder Taylor Woodrow and Fifth Third Bank during the real estate downturn.
Upon acquiring the property, Celedinas Insurance moved its headquarters to the building and hired NAI/Merin Hunter Codman as property manager and leasing agent. Over the past three years NAI Merin Hunter designed and implemented a capital improvement and marketing program that resulted in increasing occupancy at the property to its current 99% occupancy level with a high credit quality tenant roster that includes Celedinas Insurance Group, A Marsh & McLennan Agency, Pulte Homes, the US Army Corps of Engineers, the Scott Harris law firm and GAI Consultants.
Northern Palm Beach County and the PGA Corridor represent one of the best business growth environments in the United States, according to NAI/Merin Hunter Codman. "With current market occupancy at over 92% and limited new construction on the horizon, rents should continue to grow significantly over the next several years," said Neil Merin,the firm's chairman.