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Property Detail

South US Highway 1
Waterfront office park with approved plans for an additional office development and garage .
$23,000,000

Description

  • Waterfront office park with approved plans for an additional office development and garage, providing huge long-term potential to a user or investor.
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  • Merrill Lynch anchors the property, and other tenants are on shorter leases, allowing flexibility for a new owner to renew or use the space.
  • River Plaza Office Complex is highly accessible, with direct frontage along Highway 1, just 15 minutes from Interstate 95.
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  • Local submarket office rents have increased by 22.9% over the past three years, with limited new deliveries minimizing supply-side pressure.

Executive Summary

NO FINANCING OFFERS ACCEPTED. PROOF OF FUNDS REQUIRED.
Seize this prime opportunity to acquire River Plaza Office Complex, a 4.75-acre waterfront property with gorgeous views and two existing modern office buildings. City-approved plans for an additional office development with an attached garage have been acquired, presenting massive long-term upside to an investor or user.

The 37,000-square-foot property benefits from a strong anchor tenant, Merrill Lynch, with additional tenants on shorter leases, waiting for the new owner to renew or make strategic changes aligning with the development of the property. The property is zoned for office, medical, residential, hospitality, and mixed uses, providing nearly limitless potential.

River Plaza Office Complex enjoys a strategic location north of Palm Beach, with direct frontage along the famous Highway 1, just fifteen minutes from Interstate 95, providing quick and easy commutes. The well-positioned property is south of E Indiantown Road, a major commercial node with grocery stores, national retailers, and popular restaurants. The area offers a strong workforce pipeline, with daytime employment of over 132,000 within 10 miles of the property. Office rents in the submarket have grown by an impressive 22.9% over the past three years, with limited new deliveries creating additional demand for this type of high-quality asset.

River Plaza

Listing ID : 00678

SKU: 678

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Price History

DateEventPrice
December 6 2024Listed$23,000,000.00