Miami-based Breakers Capital Partners acquired 1700 Palm Beach Lakes Blvd. for just less than $18.5 million or about $162 per-square-foot. CBRE arranged the sale of the property.
The 11-story Class A office building
was constructed in 1988. It totals 113,953-square-feet and is located in the West Palm Beach Submarket, near the Palm Beach Outlets. The property was 87% occupied at the time of closing. Major tenants include the Internal Revenue Service, 1st United Bank, Uniters North America and Walton Lantaff.
CBRE also secured $13.725 million acquisition financing on behave of the buyer.
Christian Lee, Charles Foschini, Scott O'Donnell, Domini Montazemi and Anthony Librizzi of CBRE represented the seller, DRA Advisors.
CBRE Vice President Anthony Librizzi has been retained by the buyer to provide leasing services.
For additional information please see CoStar COMPS #2307568.