Built in 2002, the three-story Grand Bank Center is 100% occupied with major tenants including Grand Bank & Trust of Florida, Fidelity Investments and Wachovia Wealth Management.

The buyer was represented by Neil Merin, of West Palm Beach-based NAI/Merin Hunter Codman. NAI/Merin Hunter Codman has been retained to manage and handle leasing on behalf of the new owner.

"Palm Beach Gardens is one of the strongest, if not the strongest, submarkets in Palm Beach County," Merin tells GlobeSt.com. Everything along PGA Boulevard is seeing rapid absorption and escalating rental values. We expect investment in the area to remain strong and commercial property values to continue upwards."

The property had been on the market less than two weeks prior to the sale. "The buyer viewed this property as a 'fortress investment' in terms of the location of the asset and the quality of the tenants," Merin says. "Investors continue to hone in on Palm Beach County as a very desirable commercial real estate market. Despite concerns of a ripple effect due to the residential slowdown, we're still seeing positive absorption and rising rental rates in quality buildings."

Among reasons for the acquisition was the property's high-profile location on PGA Boulevard. It is situated directly in front of the entrance to Downtown at the Gardens, a new retail/entertainment center. The Gardens Mall is also in the immediate vicinity.