Office building sells low on U.S. 1 in high-priced Jupiter

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Office building is on two acres (Photo by Bill DiPaolo)

Office building is on two acres (Photo by Bill DiPaolo)

A four-story commercial office building on U.S. 1 in Jupiter has sold for $2.9 million.

Located on the west side of U.S. 1 across from Ocean Way, the 27,000-square-foot building was sold to CLI Properties llc.

The property at 1150 South U.S. 1 was last sold in 2005 for $3 million, according to county property records.

The latest buyers paid about $108 per square foot, far lower than recent sales prices for office property in north county, said local Realtor Rebel Cook.

New office buildings are getting between $300-$400 a square foot. Existing office buildings are getting at least $150 a square foot, said Cook.

“This is the strongest office selling market since 2006,” said Cook.

Why did the building, which is partially occupied and built in 1984, sell in April for such a low price?

“There must have been a motivated seller and a buyer willing to upgrade the property,” said Cook.

rebel sale

from Northern Palm Beach County For more information, visit – http://ift.tt/1M4pt2X