CB Richard Ellis' Private Client Group senior vice president Scott O'Donnell and associate Dominic Montazemi, and Tom Robinson, of North Star Real Estate Investment Services, represented the seller in the transaction, Urban America, LP. "We are pleased to complete this round trip value-add investment that we acquired in 2002," says Urban America CEO Richmond McCoy. "This asset has outperformed the market and enjoys a high quality tenant base in an improving market."
Constructed in 1956 and renovated in 1980, Prospect Place consists of two buildings. The property is a multi-tenanted building that is 96% leased, with space renting for $20 per sf. The purchaser was identified through marketing efforts using CB's national database of over 80,000 investors. "We were able to identify a buyer who believes in the future upside through repositioning of the property and additional development potential," O'Donnell says.
According to a CB Richard Ellis Q4 office market report for Palm Beach County, West Palm Beach is experiencing a 10.9% vacancy rate with 70,235 sf of negative absorption for the year. Average asking rents are $20.55 per sf.
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