Palm Beach County Mixed-Use Retail, Office Asset Trades For $36.2 Million
The asset consists of 75,406 square feet of upscale retail and 45,068 square feet of office space.
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The asset consists of 75,406 square feet of upscale retail and 45,068 square feet of office space.
The sale price equates to $221,250 per unit.
Lee & Associates South Florida President Matthew Rotolante and Vice President Conner Milford represented tenants in the deals.
The new-to-market financial tenant brings the building to 96% leased.
This site is composed of a 5,206-square-foot single tenant retail building sitting on a 46,494-square-foot lot.
The move will be catalyst to Chamber’s evolution, which will include a new identity package, enhanced programs, new website and more in the coming year.
The site is zoned for a variety of uses, including but not limited to, residential, office, retail and seniors housing.
The tenant will occupy space previously occupied by Steinmart.
At 17,000 square feet, the building is relatively small, showing that the unquenchable investor appetite for industrial space has led to a scarcity of big properties for sale, and investor willingness to turn to smaller buildings.
The city of West Palm Beach donated five parcels of land for the project.
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