PALM BEACH, FL—Plum Park, a 61,759-square-foot class B business complex at 141 NW 20th Street in Boca Raton, FL, continues the recent trend of sub-A assets trading. Plum Park sold for $6.05 million.
Avison Young vice president of Investment Sales David Duckworth, along with principal Keith O'Donnell and associate Jonathan Senn, executed the lease-up and represented ownership CW Capital during the sale. This is the second office building the team has sold in Boca Raton on the past week.
“When we were initially awarded the responsibility of leasing, repositioning and the ultimate sale of Plum Park, the asset had high vacancy with existing tenants in default,” says Duckworth. The firm added value to the property, he explains, by replacing delinquent tenants with high caliber businesses in stronger financial conditions.
Plum Park offers five singe-story office/retail buildings. The office asset is located just west of Dixie Highway and minutes away from Interstate 95.
As Duckworth sees it, the Plum Park transaction shows the aggressiveness of commercial property investors and the intensifying competition for B market properties in the Boca Raton area. Just days ago, Avison sold Gallery Center, a 64,565-square-foot class B office building also located in Boca Raton. The sale price was $6.5 million.
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