PALM BEACH, FL—Gallery Center, a 64,565-square-foot class B office building located in Boca Raton, has changed hands. The sale price was $6.5 million.
The leasing agent, Avison Young, increased occupancy and repositioned the asset to increase the value for the seller, First Southern Bank. Avison vice president of Investment Sales David Duckworth, along with principal Keith O'Donnell and associate Jonathan Senn, handled the lease up and brokered the sale.
"Our leasing team was able to increase occupancy and create activity which gave the buyer confidence in the property's upside potential,” Duckworth tells GlobeSt.com. “With the influx of new, more aggressive buyers in the market, commercial sales are occurring at a much faster rate.”
Leading up to the sale, the property underwent several capital improvements to enhance curb appeal including painting, landscaping, and new signage. Gallery Center also enjoys a strategic location just half a mile north of Interstate 95's Glades Road exit.
According to Avison, the sale represents the recent trend of increased competition for B market properties in the area. In general, Boca Raton commercial property prices are on the rise causing buyers to become more aggressive.
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