PALM BEACH GARDENS, FL-Houston-based investors CFO2 Palm Beach LP and CFO2 Palm Beach II LP have acquired City Centre at the southwest corner of US Highway 1 and PGA Boulevard for $36.8 million. The sellers of the property were Fairway Centre SPE, LLC and Fairway Parcel F, LLC, entities controlled by Birmingham, AL-based Fairway Investments.

City Centre consists of five parcels. Parcels A, B, D and E contain 93,662 sf of office and retail space on 10.2 acres. Buildings A and B were constructed in 1989 and 1987 respectively and Buildings D and E were constructed in 1999. The four one- and two-story buildings are occupied by a variety of tenants including Morgan Stanley, Oppenheimer, Wilmington Trust, and Washington Mutual. Parcel F is a 3.2-acre vacant lot which has been approved for the development of a 75,000-sf office building. The buyers have retained West Palm Beach-based Walters Gottlieb Partners to handle management and leasing of the property. “City Centre has extensive frontage on highly desirable PGA Boulevard and US Highway 1 and adjacent to the Intracoastal Waterway and Lake Worth,” Miskew says. “When you consider the quality of the location, tenant roster and improvements, this should prove to be an excellent investment for the new owners.”

Fairway Centre SPE LLC acquired Parcels A, B, D and E in November 2004 for $19.45 million and acquired Parcel F in May.

West Palm Beach-based RJS Realty Group was the exclusive agent for the seller and the sole broker in the transaction arranged by president Bob Sullivan and managing director Steve Miskew. “This is an exceptionally situated property at a very strategic intersection,” says Sullivan. “PGA Boulevard and US Highway One form the eastern gateway to Palm Beach Gardens’ vibrant Downtown.”

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