Ivy Realty Plays Musical Chairs in South Florida

The Royal Palm, a three-story, 23,362-square-foot, boutique office building in Palm Beach, FL, just traded hands.

MIAMI— The Royal Palm, a three-story, 23,362-square-foot, boutique office building in Palm Beach, FL, just traded hands. The sale price: $16.75 million. Up until now, Ivy has been snapping up commercial real estate assets in the region. HFF ‘s Ike Ojala , Herman Rodriguez and Jorge Portela represented the seller, Ivy Realty , in the transaction. The firm also procured the buyer, EPIC.  The office property was sold free and clear of existing debt. “The property enjoys a prominent corner location on Royal Palm Way, the highly sought-after main office street of the Town of Palm Beach, an oceanfront enclave and one of the wealthiest areas in the world,” Ojala tells GlobeSt.com. “250 Royal Palm received broad investor interest from institutions and private investors alike, thanks to its marquis rent roll, Bankers’ Row location, generous structured on-site parking and recent complete renovation expertly done by Ivy.” Royal Palm sits at 250 Royal Palm Way along “Bankers Row” just one mile from Downtown West Palm Beach. The location is home to dozens of top wealth management companies, banks and private equity funds, among others. Royal Palm saw extensive renovations in 2012. The office building is 88% leased, with Deutsche Bank and Northern Trust as anchor tenants. Office property amenities include a two-level, 79-space parking garage and seasonal valet and doorman services. Ivy has been active in South Florida this year. In May, the firm secured a $50.5 million loan to purchase a five-building office portfolio in Miami’s Waterford at Blue Lagoon Business Park. CIBC World Markets provided the non-recourse loan. And in January, Ivy Realty just won a $35.9 million acquisition loan to buy Tower 101 in Downtown Fort Lauderdale, FL. Tower 101 is a 227,764-square-foot, two-building office property at 101 Northeast 3rd Avenue. Ivy paid $56 million for the office building.