Tricera Capital Acquires Office Tower In West Palm Beach
The 18-story tower was repositioned from a Class B to a Class A asset and is currently 61% leased.
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The 18-story tower was repositioned from a Class B to a Class A asset and is currently 61% leased.
The project will have a total cost of $25.4 million, consisting of a pair of five-story apartment buildings spread between 3.5 acres of land on the border of Miami-Dade and Broward County.
The renowned international soccer program, which is affiliated with the prominent Italian professional club Juventus F.C., is set to open a nearly one-acre facility within the third phase of Atlantic Village.
The property consists of one recently developed rear-load 32-foot clear industrial distribution building containing approximately 221,000 square feet on 11.4 acres.
The 240,669-square-foot building was 95% leased at the time of the sale.
The asset was completed in Q2 2020 and is approximately 98 percent leased.
Berkadia arranged $14.1 million in acquisition financing on behalf of Foundry Commercial for the acquisition.
The property covers 25 acres.
The JLL brokerage team of Katie Fernandez-Espinosa, Vice President of Retail Advisory Services, and Rafael Romero, Senior Vice President of Retail Advisory Services, will be spearheading the retail and office leasing at the property on behalf of the ownership group Dubner Properties.
The office building represents McGuire Development Company’s first Southeast Florida acquisition.
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