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WEST PALM BEACH, FL-A group operating as Foundation III and headed by Brian K. Waxman has purchased the 71,000-sf Commerce Center office building at the southeast corner of North Dixie Highway and Datura Street for $4.9 million or $69 per sf. The sellers were G. John and Elizabeth Stevens.

The new owners were represented by Neil J. Gaeta of Palm Beach Gardens-based Fischer-Gaeta-Cromwell-Applefield, which will be exclusive leasing agent.

Gaeta tells GlobeSt.com that the property will be renamed Datura Place and undergo an interior and exterior capital improvement program. The part three and part four-story structure was created about 20 years ago from three separate older buildings and is fully rented.

Gaeta expects the upgraded space to appeal to space users seeking a central location at rents of around $20 per sf gross.

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