CB Richard Ellis' Private Client Group senior vice presidentScott O'Donnell and associate Dominic Montazemi, and Tom Robinson,of North Star Real Estate Investment Services, represented theseller in the transaction, Urban America, LP. "We are pleased tocomplete this round trip value-add investment that we acquired in2002," says Urban America CEO Richmond McCoy. "This asset hasoutperformed the market and enjoys a high quality tenant base in animproving market."

Constructed in 1956 and renovated in 1980, Prospect Placeconsists of two buildings. The property is a multi-tenantedbuilding that is 96% leased, with space renting for $20 per sf. Thepurchaser was identified through marketing efforts using CB'snational database of over 80,000 investors. "We were able toidentify a buyer who believes in the future upside throughrepositioning of the property and additional developmentpotential," O'Donnell says.

According to a CB Richard Ellis Q4 office market report for PalmBeach County, West Palm Beach is experiencing a 10.9% vacancy ratewith 70,235 sf of negative absorption for the year. Average askingrents are $20.55 per sf.