CS Ventures Expands Palm Beach Portfolio With Frisbie Property Acquisition Backed By $22M Ocean Bank Loan

CS Ventures has acquired two additional commercial buildings and three parking lots in the heart of Palm Beach, further expanding its office and retail footprint on the island.

Ocean Bank provided a $22 million acquisition loan for the purchase, which includes the three-story former IberiaBank building at 180 Royal Palm Way, a 20,038-square-foot retail and office property, and 301 S. County Road, an 11,326-square-foot retail building. The transaction also includes three adjacent parking lots along Brazilian Avenue totaling approximately 44,000 square feet.

The properties were sold by Frisbie Group-affiliated ownership, along with entities tied to ophthalmologist Dr. Stephen Sullivan and Marcia Sullivan. The purchase price was not disclosed. According to records cited by The Real Deal, Frisbie and its partners acquired the properties for $26 million in 2021.

Senior Vice President T. George Harduvel arranged the loan for Ocean Bank.

“We are thrilled to announce the acquisition of 180 Royal Palm Way and 301 S. County Road — two exceptional additions to our Palm Beach Island portfolio,” said Charles L. Rosenberg, Managing Partner of Rosemark Management. “These assets align perfectly with our long-term vision of acquiring and managing premier office and retail properties in growing markets.”

Rosenberg also credited Ocean Bank for its role in the transaction.

“We are deeply grateful to Ocean Bank for their trust, expertise, and unwavering partnership throughout this transaction,” Rosenberg said. “We look forward to continuing to build on our strong relationship as we pursue future opportunities together.”

The acquisition follows a previous redevelopment proposal by Frisbie Group that contemplated six luxury residences and renovations to the two existing commercial buildings. That plan was pulled from a Palm Beach development review meeting in March after town officials anticipated opposition from residents, according to The Real Deal.

The deal adds to CS Ventures’ already significant presence in Palm Beach and West Palm Beach. The Palm Beach-based company, a partnership between Rosenberg and Spencer Schlager, owns 15 office and retail properties across the two markets and is considered one of the largest office landlords on Palm Beach Island. Its holdings also include retail properties on Worth Avenue.

Ocean Bank executives said the financing reflects the bank’s continued commitment to Palm Beach County and to high-quality commercial real estate sponsors.

“Financing the acquisition of these properties represents a meaningful milestone in deepening Ocean Bank’s presence in Palm Beach County — a market we have long regarded as a cornerstone of our South Florida strategy, defined by enduring fundamentals, sustained demand, and a limited supply of premier assets,” said Eddie Diaz, Executive Vice President and Head of Corporate Lending at Ocean Bank.

 

“This transaction underscores our ongoing commitment to partnering with best-in-class sponsors and supporting high-quality properties that align with our values of disciplined lending and a long-term vision for sustainable growth,” Diaz added.

The purchase comes as Palm Beach commercial assets remain tightly held, with limited supply and continued demand for well-located office and retail properties on the island.