Archive for November 2021
VERDEX CONSTRUCTION AND INDEX INVESTMENT GROUP BUY WEST PALM BEACH OFFICE FOR $13.4 MILLION
WEST PALM BEACH, FL. (November 29th, 2021) – Verdex Construction and Index Investment Group formed District Pointe LLC, a joint venture to purchase a 65,760 square foot office building in West Palm Beach for $13.4 million. Located at 1501 Belvedere Road in West Palm Beach, the property has operated as a single-tenant user since its construction in 1983 and has been occupied by its former owner Rinker/CEMEX.
The building will be rebranded as District Pointe and completely renovated into a state-of-the-art, modern office hub for large-scale office tenants and the new U.S. headquarters for Verdex Construction. The name was derived from its position as the gateway location between the revitalized West Palm Beach Warehouse District and the Palm Beach International Airport. The property was purchased off-market with the help of the team at Colliers with Executive Managing Director Mark M. Rubin and Director Bastian Laggerbauer, the closing was handled by John Renaldo of Jupiter Inlet Title.
“This strategic investment into West Palm Beach provides the new headquarters for Verdex and space for multiple Class A office tenants while opening up to the possibility of developing multifamily residential on the excess land. We are very excited about this opportunity.” said Bjarne Borg, Chairman and CEO of Index Investment Group.
“We are thrilled about the continued growth of our company in this phenomenal location with proximity to the Palm Beach International Airport and direct access to I-95 and the West Palm Beach area. We look forward to further revitalizing the area and building the community” said Rex Kirby, Chief Executive Officer and founder of Verdex.
About Index Investment Group
Index Investment Group is a privately held company with its North American Headquarters located in Jupiter FL, founded in Sweden by Bjarne Borg and Fredrik Alama in 1998. The company has made numerous significant investments in multifamily rental communities, senior living as well as industrial/logistics facilities along the East Coast of the United States. The Jupiter-based real estate investment company has ongoing and completed 33 developments in the U.S. with over 8,400 units and over 6.8 million square feet of commercial space across Sweden and the U.S.
About Verdex Construction
Verdex Construction was founded by Rex B. Kirby, Jr. a 40-year veteran of the construction industry. In just seven years, Verdex Construction has earned numerous awards and prestigious industry recognition, including the #9 spot on the South Florida Business Journal’s Top Contractors List. Verdex Construction’s recent projects include Canopy by Hilton West Palm Beach Downtown; 1000 North, an upscale restaurant/club on the Loxahatchee River in Jupiter; Town Lantana Apartments in Lantana and Westshore Apartments in Tampa.
VERDEX CONSTRUCTION STARTS WORK ON AZALEA APARTMENT COMMUNITY IN TAMPA
West Palm Beach-based Verdex Construction announces the start of construction on Azalea, a multifamily rental community at 8240 Causeway Boulevard in Tampa. The project consists of 289-apartments and four single-story garages for client Zom Living. The project was designed by architect LRK. Completion is expected in the fall of 2023.
Azalea will feature 1-, 2- and 3-bedroom units across seven three- and four-story buildings with a total square footage of 279,732 on a 13.3-acre site. Amenities include a 2,500 sq. ft. clubhouse with meeting rooms and a work from home lounge, dog park, pool, pavilion, and grill deck. The project includes improvements to surrounding streets that will add sidewalks and turn lanes.
“This is one of three recent project starts for us in the Tampa/St. Petersburg/Sarasota market that follow our completion of the WestShore Apartments, solidifying our expansion into the area,” said Verdex Construction President Rex Kirby. “We’ve also moved to a larger office to support our increased efforts and to address construction needs across the Tampa Bay region.”
Verdex Construction’s recent projects include Westshore Apartments in Tampa, The Royal Palm Beach Village Hall, Canopy by Hilton West Palm Beach Downtown; 1000 North, an upscale restaurant/club on the Loxahatchee River in Jupiter; and Town Lantana Apartments in Lantana.
Since its launch just over seven years ago, Verdex Construction has earned numerous awards and prestigious industry recognition, including being selected as a finalist for 2020 Business of the Year by the South Florida Business Journal, finalist for 2020 Business of the Year by the Chamber of Commerce of the Palm Beaches, and being selected as a GrowFL “Company to Watch”.