Florida & Gulf Coast + South Florida + Office | December 20, 2022

National Business Parks has acquired the two-building office complex at 4200 Northcorp Parkway in Palm Beach Gardens for $38 million in an off-market deal.

ABS National Business Parks Acuires $38M Palm Beach Gardens Office in Off-Market Deal

Miami, FL-based real estate investment firm Breakers Capital Partners and joint-venture partner Alchemy-ABR Investment Partners have sold 4200-4400 Northcorp Parkway in Palm Beach Gardens, FL to ABS National Business Parks for $38 million in an off-market deal.

Alchemy-ABR Investment Partners, a New York, NY-based real estate investment and development firm, and Breakers Capital Partners purchased the property for $30 million in 2016.

“Our successful sale is a tribute to the strong local market dynamics as well as our investment commitment during our repositioning strategy which included a refinanced loan with Bank United in 2021 with favorable assumable debt,” Brian Ray, co-founder and managing partner of Alchemy-ABR Investment Partners.

4200-4400 Northcorp Parkway consists of two Class A office buildings totaling over 115,000 square feet. Tenants include Garden of Life, Oxford Global Resources, DePuy Synthes Products (a Johnson & Johnson Company) and MDNow.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.