Avison Young’s Florida Capital Markets Group closed the $10.9 million sale of Concept II Towers, a pair of office buildings totaling 96,674 square feet at 2290 and 2328 10th Avenue N in Lake Worth. Despite challenging market conditions, the brokerage team achieved premium pricing on behalf of the seller, KAS Lakeworth, in the disposition to Allen Chelminsky. The sale was completed by Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth.
With direct Interstate 95 access via 10th Avenue, Concept II Towers is minutes from downtown Palm Beach. The newly-renovated property is adjacent to a brand-new Wyndham Garden Hotel and across the street from a nine-acre mixed-use development that will feature national retail businesses and residential concepts.
“The buyer for Concept II Towers secured an outstanding value-add office asset which consistently performed well during the pandemic and increased occupancy to 82.5%,” said Duckworth. “Situated in an ideal central Palm Beach County location with Lake Worth in the midst of revitalization, the property boasts strong in-place cash flows with a synergistic mix of quality medical and professional tenants, and there is and tremendous upside potential through lease-up.”
“The Concept II Towers sale is a sign of growing investor confidence in the commercial real estate market,” said Crotty. “Many investors are looking to get back to the business of buying assets that fit their overall strategy. The office market remains incredibly resilient, and collection rates are tracking similarly to pre-pandemic levels.”
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