Colliers South Florida represented the landlord, LRP Properties Abacoa, LLC., in the lease transactions
Meritage Homes and Allied Universal have secured a combined 29,162 square feet at Abacoa Town Center, located at 1395 University Boulevard in Jupiter, FL. Abacoa Town Center is an immaculately maintained 61,451-square-foot office building within Abacoa, an affluent Jupiter submarket on Florida’s East Coast. Industry leader, Meritage Homes, signed a lease for 16,150 square feet, and global provider, Allied Universal, signed a lease for 13,012 square feet.
Senior Vice President Derek Baker and Executive Vice President Michael Falk of Colliers South Florida represented the landlord, LRP Properties Abacoa, LLC., in the transactions. Dennis Waggner of Cresa represented the tenant, Meritage Homes, and Tara England of Cushman & Wakefield represented the tenant, Allied Universal, in the leases.
“Colliers and LRP Properties are thrilled to welcome Allied Universal and Meritage Homes to Abacoa Town Center. The two leases resulted in true win-win scenarios, thanks to creative deal structures,” said Baker. “The asset is one of the few office options in Jupiter able to accommodate medium and large blocks of office space (16,000 SF remaining available). The market’s rapid growth, abundant amenities, and excellent connectivity were pivotal to both tenants’ site selection.”
Meritage Homes is the fifth-largest public homebuilder in the United States, known for leading the development of energy-efficient and affordable entry-level homes. The company has delivered over 165,000 homes in its 37-year history, with operations in Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee.
Allied Universal is the world’s leading security and facilities services provider. The company is a trusted partner to more than 400 of the Fortune 500. With operations in 96 countries, Allied Universal is the third-largest private employer in North America and the seventh-largest private employer globally. The company delivers innovative solutions, cutting-edge technologies, and tailored services that enable clients to focus on their core businesses.
The Class A office asset is within an established trade area with easy connectivity to local amenities, high-end retailers, major roadways, and some of South Florida’s beautiful beaches. The center provides flexible and efficient floor plans with separate or subdividing floors for office/medical use. Colliers South Florida represented the buyer and seller in the sale of the property in September 2022.
“Abacoa offers a wealth of amenities to tenants, including the nearby Abacoa golf course, Marlins and Cardinals spring training centers, Courtyard by Marriot Hotel, and wealth of shopping and dining options,” said Falk. “The submarket has excellent access to residential and corporate communities, including Florida Atlantic University, the Herbert Wertheim UF Scripps Institute, the Max Planck Florida Institute, and Carrier World headquarters. Abacoa’s exceptional offerings and Jupiter’s unsurpassed quality of life are setting a new standard of excellence in South Florida.”
Located in the Jupiter office submarket, Abacoa is a quaint downtown district with a charming and welcoming atmosphere reminiscent of a traditional “Main Street”. Albacoa, being a part of a master-planned community, provides the unique opportunity to live, work, and play in one place, making the district a convenient and appealing office environment for tenants who aim to establish offices close to their employees’ residences. The Jupiter office submarket offers a vacancy rate as low as 5.3 percent in the first quarter of 2023, lower than the Palm Beach County average at 8.6 percent.
