The sale is the second part of a two-part transaction involving two properties on 24 acres. The first part involved the December sale of the 93,662-sf City Centre office complex and a vacant 3.2-acre parcel for $36.77 million. City Centre tenants include Morgan Stanley, Wilmington Trust, Colonial Bank and Pan American Bank.
The seller was Wolfchase Associates LLC, which is controlled by Birmingham, AL-based Fairway Investments. West Palm Beach-based RJS Realty Group was the exclusive agent for the seller and the sole broker in the transaction arranged by president Bob Sullivan and managing director Steve Miskew.
North Palm Marketplace is 36% occupied with tenants including Carrabba's Italian Grill, Body Max Gym, Avakian's Rugs and Sun Kong Chinese Restaurant. West Palm Beach-based Walters Gottlieb Partners has been retained to handle management and leasing.
"These are exceptionally situated properties at a very strategic intersection. PGA Boulevard and US Highway 1 form the eastern gateway to Palm Beach Gardens' vibrant downtown," Sullivan says.
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