Jupiter Medical and Technology Park is a 186,000 square foot medical and technology facility located on a beautiful 16-acre corporate campus setting in Jupiter, Florida, the hub of Florida’s booming biotech industry, home of Scripps Florida Research Institute and the Max Planck Florida Institute, two of the world’s premier Bio-Tech research & science facilities.
Jupiter Medical and Technology Park is a “core-plus”, state-of-the-art medical and technology facility with stable cash flows, strong tenancy, and value-add components at a purchase price well below replacement cost. The deal provides the opportunity to lease up the highly desirable vacant space to bring the asset up to 100% occupancy. In addition, Jupiter Medical and Technology Park offers the potential for development of up to 90,000 additional feet (by right under current zoning) in one of Florida’s most dynamic market places.
Nearly half of the Property is occupied by GE Medical Systems (“GEMS”) through December 2019, representing nearly 30 years of continual occupancy at the property; GEMS’ current rent is at below market levels allowing for future upside. Furthermore, Florida Turbine Technologies, one of the world’s leaders in its field and occupying 34% of the Property.