Tag Archive for: bastian schauer

Colliers Facilitates Sale Of Palm Beach Gardens Office Building

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Colliers announced the sale of 4440 PGA Boulevard, a six-story, Class A office building located in Palm Beach Gardens in an off-market transaction.

Colliers Executive Vice President Gary A. Gottlieb partnered with Executive Vice President Mark M. Rubin, Senior Vice President Bastian Schauer, and Associate Ryan Buckner of the South Florida Investment Services Team to represent the seller, Narragansett Realty II, LLC. PGA OFFICE LLC purchased the property for $15,850,000.

“This sale reflects the sustained demand for high-quality office assets in Palm Beach Gardens,” said Gottlieb. “It’s been a privilege working with the family ownership – a relationship that spans more than 30 years and multiple generations. A special thank you to the South Florida Investment Services Team who provided invaluable guidance throughout the process.”

 

“In today’s dynamic sales environment, it’s encouraging to see continued investor demand for high quality office buildings in strategic locations,” said Rubin. “Bastian and I always enjoy the great collaboration with Gary!”

Strategically located in the heart of Palm Beach Gardens, 4440 PGA is a 47,000-square-foot office building that features a classic design and prime accessibility. Initially built in 1979, the building has undergone continuous updates over the years, including a significant renovation in 2022. 4440 PGA features a newly renovated lobby and secure garage parking. Prominently positioned at the corner of PGA Boulevard and Military Trail, the property offers seamless connectivity to the region from its proximity to Florida’s Turnpike and Interstate 95. Tenants benefit from proximity to top-tier amenities such as The Gardens Mall and numerous dining options.

MOB Trades For $577 PSF In Delray Beach

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Colliers announced the sale of a fully leased medical office building for $9.67 million.

The state-of-the-art surgery center is located at 6646 W Atlantic Avenue in Delray Beach.

Colliers Executive Vice President Mark M. Rubin and Senior Vice President Bastian Schauer of the South Florida Investment Services Team collaborated with Executive Vice President Gary A. Gottlieb in representing the seller in the transaction. The buyer, Alliance Consolidated Group of Companies, LLC., was self-represented in the deal.

“With strong demand in the medical office market throughout Palm Beach County, this deal presented a compelling opportunity, supported by strong long-term tenancy in a vibrant market,” said Rubin.

The ±16,761-square-foot medical office building underwent a comprehensive renovation in 2020, transforming it into a modern healthcare facility. As part of this upgrade, a top-tier multi-specialty surgery center was added, featuring two fully equipped operating rooms and three treatment rooms. Additional capital improvements included a new HVAC system and a complete renovation of the common areas, enhancing operational efficiency and patient comfort. The building is fully occupied, with a reputable multi-specialty physician group anchoring the first floor, while the second and third floors are leased to a premier ambulatory healthcare provider.

“Ownership executed an exceptional renovation, successfully repositioning the property as a high-quality medical asset in the market,” said Schauer. “Its modern features, combined with a prime location near Delray Medical Center, offer direct access to top-tier healthcare services in a market defined by limited supply and growing demand.”

The surgery center is ideally situated in one of South Florida’s most desired and rapidly growing healthcare markets. It boasts direct frontage along Atlantic Avenue, a central east-west corridor with visibility to 41,500 vehicles per day. The property offers seamless access to Florida’s Turnpike and Interstate 95, facilitating connectivity to key healthcare hubs. Additionally, it’s well positioned for accessibility, with Palm Beach International Airport only 25 minutes away and the Fort Lauderdale Central Business District within a 35-minute drive, making it a convenient destination for patients and providers alike.

Palm Beach County’s medical office market remains a prime choice for investors, driven by strong fundamentals, high occupancy, and rising rents. Medical office properties continue outperforming other asset classes, with a 94% occupancy rate and rents surging 23.5% over the past five years. The sector has remained resilient amid economic shifts, supported by steady in-migration and increasing demand for healthcare services. This was reflected in the sale of this premier medical office surgery center at a record-breaking $577 per square foot, far exceeding the county’s 2024 average of $279 per square foot.

Margate Seeks Developer For Massive Mixed-Use Project With Plans For Nearly 1MSF Of Office Space

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A fresh call for ideas has been released by Margate’s Community Redevelopment Agency for developers to revitalize up to 51.38 acres of land that is held by the public.

A statement from Colliers and the city states that the 27 non-contiguous lots are designated for 980 residential units, 500 hotel rooms, 1.28 million square feet of retail space, 861,331 square feet of office space, and 309,659 square feet of industrial space.

According to Ken Krasnow, vice chair of institutional investor services for Collier’s Florida area, about 34 acres of that collection are undeveloped. This includes the 17-acre property that was formerly home to the Lake Shore Swap Shop at 1000 N. State Road 7.

Krasnow, along with Colliers brokers Brooke Mosier, Bastian Schauer, and Mark Rubin, are assisting Margate’s CRA with the request for proposals (RFP), which officially went out this week.

The CRA owns two commercial complexes among the plots put up for renovation, he continued, along with “various government facilities” like Margate’s city hall and library.

According to Krasnow, the city wants to create a mixed-use neighborhood with retail, dining, and entertainment options—amenities that are scarce in Margate itself. Proposals to build a new city hall, library, and community center are also welcomed.

In order to do this, the city and CRA are looking to enter into a long-term lease agreement with a developer who can offer a well-thought-out city center that can accommodate locals and tourists while adhering to zoning regulations. This includes an eight-story maximum height.

“They want something that has that kind of urban aesthetic,” Krasnow said. “It has to have a walkable feel to it, a downtown environment.”

Margate is open to proposals for some workforce housing as well, but the city is particularly interested in a developer that will build market-rate rentals or condos.

Developers have until August 13 to submit their proposals. On June 25, Colliers will hold a virtual pre-bid conference.

 

Source:  SFBJ