Joint Venture Pays $38M For Palm Beach Gardens Office Complex

Photo illustrations by Earl Altman, Greg Schenker, Peter Barack and Stephen Hornstock for ABS and office complex at 4200-4400 Norscope Parkway in Palm Beach Gardens (Getty, Google Maps, ABS Partners Real Estate, LLC)

ABS National Business Parks paid $38 million for the Palm Beach Gardens office complex.

The joint venture has acquired The Gardens’ corporate center at 4200-4400 Northscope Parkway, according to Vizzda and records. The deal amounts to about $320 per square foot for his two buildings spanning 119,000 square feet.

The buyer is a joint venture between New York-based ABS Real Estate Partners and Princeton, New Jersey-based National Business Parks. The partnership was subject to a $24.4 million loan, according to records with BankUnited and Vizzda.

Another joint venture between New York-based Alchemy-ABR Investment Partners and Doral-based Breakers Capital Partners is the seller. Alchemy-ABR and Breakers said he paid $30 million for the six-acre site in 2016, records show. In 1996 the 3-story and 5-story buildings were completed.

ABS is led by founders Earl Altman, Greg Schenker, Peter Barack and Stephen Hornstock. The company has a portfolio of 98 commercial real estate properties across his 14 million square feet nationwide, according to the company’s website. They include Datran Center, a pair of office buildings in Kendall, and 200 Park Avenue South, an office and retail building in Manhattan.

In 2016, an ABS-led investment group paid $150 million to Datran Center.

Led by President John Zirinsky, National Business Parks is a family-owned real estate investment firm that specializes in office properties, according to the company’s website.

Last year, ABS National Business Parks purchased the partnership’s first office project in Palm Beach Gardens, paying $30.5 million for Gardens Plaza. It is also a complex of two buildings.

The joint venture’s latest acquisition is one of the few office deals to close later this year. South Florida office building sales fell 37% in the third quarter to $821.3 million, according to Vizzda.

The CoStar Group’s September report also showed South Florida office sales were down 50% year-over-year.

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