Cushman & Wakefield negotiated the sale of Brandywine Centre I, a 69,951-square-foot office and retail campus in West Palm Beach.
Executive Director Scott O’Donnell, Senior Associate Greg Miller, Senior Director Dominic Montazemi and Director Miguel Alcivar represented Pompano Beach-based G&C Brandywine Investors, LLC in the disposition to Coral Gables-based KAS Partners, which acquired the asset for $10.8 million, or $154 per square foot.
Brandywine Centre I, situated on a 5.5-acre site at 580 and 600 Village Boulevard in suburban West Palm Beach, is a two-building office and retail campus comprising a three-story, 60,851-square-foot office building and a one-story, 9,100-square-foot outparcel restaurant building. Ownership has made significant improvements to the office building’s common areas in recent years.
Major tenants in the building include Divine Blalock Martin Sellari, Online Trading Academy, Trident Title and Recovery Home Care Services. Renegades Country Western Bar occupies the outparcel restaurant building.
The campus was 93 percent occupied at the time of sale.
“Brandywine Centre I provided KAS Partners with the opportunity to acquire a recently renovated boutique office building with excellent access to a strong amenity base and I–95,” said O’Donnell. “Market fundamentals continue to improve and bode well for the asset with the nearby, newly developed Palm Beach Outlets spurring a renaissance for the local micro-market,” added O’Donnell. “The West Palm Beach CBD has witnessed sharp increases in asking rental rates, which is causing significant leasing activity and absorption in suburban West Palm Beach.”
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning. Just follow the instructions below.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.