WEST PALM BEACH, FL-Berwind Property Group Ltd., a privately held real estate investment firm based in Philadelphia, has sold the K. Hovnanian Corporate Center here to a local investor for $5.515 million, or $127 per sf.

The 43,294-sf, four-story office building, located at 1800 S. Australian Blvd. and bordering Interstate 95, was built in 1986. It sits on a little more than three acres.

The building is 97% leased, and its eight tenants include: K. Hovnanian Mortgage Inc.; Johnson, Levinson, Slider, Davila Inc.; and The Morganti Group Inc.

BPG bought the property in November 1997 for $4.5 million. John L. Brogan, vice president of BPG, was responsible for the property’s acquisition, management and sale. “We were very pleased with our ability to successfully increase rents over the last five years while maintaining an exceptionally high tenant retention ratio,” says Brogan in a statement.

“The property’s strong and secure cash flow makes it a very attractive investment today,” he states. “We are able to deliver solid returns for our partners by liquefying the investment at this time.”

Mack Gaither of RJS Realty Group of West Palm Beach represented BPG as the only broker involved in this transaction.

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