PALM BEACH, FL-The Arbors Office Park has a new owner. Thethree-building office park was only 45% occupied when it tradedhands, offering the buyer plenty of upside potential as the marketrecovers. The property spans 244,247 rentable square feet.

“We had tremendous investor interest in the deal,”CBRE vice chairman Christian Leetells “Investors in today’s market are looking foreither a trophy or a train wreck. This deal would fall in the trainwreck category.”

A train wreck based only on the high vacancy. Built in 1981, theproperty is a class A office park with a high 4.63 per 1,000 squarefoot parking ratio. Key tenants include Alfred Angelo, Sperry &Hutchinson, Twin-Star International and Escalate. RexxHallRealty purchased the asset. CBRE declined to disclose theseller and the sales price.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.