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WEST PALM BEACH, FL-Berkeley Federal Bank & Trust has sold an undeveloped 4.14-acre parcel at 1600 Presidential Way to an undisclosed buyer. The buyer paid the affiliate of West Palm Beach-based Ocwen Federal Bank $800,000, or about $193,237 per acre ($4.44 per sf), says Connie Thomas, a Trammell Crow Co. senior associate, who represented the Ocwen affiliate.

Thomas tells GlobeSt.com her client has received permission to reclassify the property, currently used as a parking lot, for multifamily use.

Located east of Interstate 95, the property is now suitable for development as a multifamily project with a density of 32 units per acre, or a total of about 99 units . “There are very few of those parcels left east of I-95,” Thomas says.

She says the buyer has not yet filed site development plans and referred all questions about the buyer’s identify to Tony Caserta, a broker with Boca Raton-based Camino Realty Corp., which represented the buyer. He did not respond to a request from GlobeSt.com for additional information.

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