WEST PALM BEACH, FL-Locally based private investor Clematis Street Property LLC has acquired a 48,220-sf mixed-use building at 219-231 Clematis St. and 106 North Olive Ave. for $10.05 million. The seller was an other locally based private investor, Clematis Street Development LLC.

CB Richard Ellis senior associate Dominic Montazemi tells GlobeSt.com that the property consists of retail space on the ground floor and office space above it. About 50% of the building is office space and 50% is retail space. The property was about 50% occupied at the time of the sale.

“The property was being sold because the sellers are also tenants in the property and wanted to free up capital,” he says. Montazemi and CBRE senior vice president Scott O’Donnell represented the seller.

The buyer was attracted to the property due to its Clematis Street location, where numerous restaurants, shops and businesses are located. “Clematis Street has been undergoing a rebirth recently,” he says. “There is long-term capital appreciation on the street.”

Montazemi adds that the property has about 15,000 sf of raw space, which the buyer plans to convert into first generation class A office space.

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