“The large influx of people moving to Florida in recent years has further reinforced our belief and commitment to acquiring and developing quality assets in the Florida market.” said Bjarne Borg, CEO and Executive Chairman of Index Investment Group
WEST PALM BEACH Florida (PRWEB)
August 11, 2022
Index Investment Group has closed the 135-room Quality Inn hotel and related commercial property in West Palm Beach, Florida from the seller, Cherry Cove Hospitality, in an off-market transaction.
The property is strategically located a short distance from downtown West Palm Beach across from the Palm Beach International Airport at 1503-1505 Belvedere Road in West Palm Beach with prominent road frontage and easy access. direct to I-95. The 3.06 acre lot includes the 53,544 square foot hotel and 5,408 square foot restaurant currently leased to IHOP which has renewed its lease for two additional years. Index Investment Group paid $12.5 million for the hotel and connected commercial property, funded by New York and New Jersey-based ConnectOne Bank which recently expanded operations to Palm Beach County, led by Frank Sorrentino and represented by Jack Buell and Danielle Webel. Index has taken over the operations of the property and will continue to operate under the Quality Inn brand.
“The large influx of people moving to Florida in recent years has further reinforced our belief and commitment to acquiring and developing quality assets in the Florida market.” said Bjarne Borg, CEO and Executive Chairman of Index Investment Group. “The strategic purchase of this property comes as one more step in the work of revitalizing the area by improving and developing it for future residents, visitors and businesses looking to put down roots in the county’s undermarket. Palm Beach Our plan is to improve the hotel and expand the area with an emphasis on a healthy and inclusive atmosphere through the development of new apartments, sports facilities, a restaurant, parking structured and top-notch offices.
Index Investment Group has invested heavily in the area through its earlier acquisition of the adjacent 65,760 square foot Class A office building with Verdex Construction, formerly owned by CEMEX for $13.4 million, renamed District Pointe alongside a complete renovation of the building.
The property was purchased with the assistance of Mark Rubin and Bastian Laggerbauer of Colliers South Florida Investment Services and the seller was represented by Richard Lillis of Colliers.
Index has made many significant investments in multi-family rental communities, commercial facilities, industrial/logistics properties as well as hotel properties along the East Coast of the United States. The Jupiter-based real estate investment firm has underway and completed twenty-eight developments in North America with a focus on Florida since 2011, including nearly 3 million square feet of commercial and industrial properties in the northern market of New York State.
About the index investment group
Index Investment Group is a dynamic real estate investment group based in Jupiter, Florida with significant investment initiatives throughout North America including apartment communities, industrial/logistics, offices, hotels and residences for the elderly. Index Investment Group develops intelligently designed properties throughout the East Coast of the United States, with an emphasis on Florida, and contributes to the community through valuable and meaningful investments. For more information about Index Investment Group, visit http://www.indexinvest.com.
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