In a $40 million deal, The E.W. Scripps Co. has bought an workplace and TV studio property in West Palm Seashore, Fla. The customer was a three way partnership between Associated Ross, Wexford Actual Property Buyers and Key Worldwide.
The 70,131-square-foot constructing at 1100 Banyan Blvd. homes Scripps’ WPTV information studio and workplace. Following the sale, Scripps will lease-back the two-story property for 2 and a half years.
In keeping with CommercialEdge knowledge, 1100 Banyan was accomplished in 2000 and was initially bought by E.W. Scripps in 2001 for $16.9 million.
JLL Capital Markets facilitated the sale. The agency’s staff representing the vendor included Senior Administrators Simon Banke and Matt McCormack, Govt Managing Director Joe Choose and Managing Director Anna Schaffer.
The property covers 4.73 acres and is located between Banyan Boulevard and Australian Avenue close to I-95. CityPlace, a retail and eating heart, is inside strolling distance of the workplace and Boca Raton is inside some 26 miles. Brightline and Tri-Rail public transit stations are inside a mile of the property and the Palm Seashore Worldwide Airport is 3 miles away.
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West Palm Seashore continues to draw robust investor curiosity, fueled by strong financial progress, a pro-business atmosphere and a top quality of life, in line with a JLL Capital Markets assertion. In its announcement, the agency additionally highlighted the long-term worth and progress prospects of the Banyan hall.
Close by, in Manalapan Fla., Backyard Business, a N.J. investor, has acquired an 83,800-square-foot grocery-anchored purchasing heart. The property, generally known as Plaza Del Mar, is positioned at 250 S. Ocean Blvd., and options storefronts and eating choices together with Publix, Artwork Basil Fashionable Italian Delicacies, The Ice Cream Membership and Chico’s.
Regular Workplace Market in Palm Seashore
The workplace market in Palm Seashore ended 2024 with regular numbers, in line with a Colliers report. Workplace rents towards the top of 2024 have been down 1.1 % year-over-year to $39.28 per sq. foot. On the finish of the fourth quarter, 511,938 sq. ft of workplace house got here on-line. Newly delivered initiatives included One Flager, owned by Associated Ross, in addition to Banyan & Olive. The buildings have been 83 % and 55 % leased, respectively, at first of the 12 months.
Trying ahead, the market’s workplace sector growth seems promising. At the beginning of 2025, 3.8 million sq. ft of workplace house was proposed for growth. In keeping with the New York Publish, Associated Ross has damaged floor on the CityPlace venture, which is ready to deliver 1 million sq. ft of workplace and retail house to the Palm Seashore space, gearing the marketplace for progress.
