Emerald View at Vista Center, the Class A office buildings located at 2054 and 2056 Vista Parkway in West Palm Beach, known for its hurricane resistant construction, has been sold to KBS Real Estate Investment Trust II (KBS REIT II), one of the nation’s largest buyers of commercial real estate and structured debt investments.
CB Richard Ellis (CBRE) Capital Markets arranged the $36,000,000 sale of the 139,471sf two building office development, located on approximately 9.8 acres of land. CBRE was engaged by Procacci Development Corporation to represent them in the sale of the asset. The transaction closed on December 9, 2010.
The marketing team was led by Christian Lee, vice chairman of CBRE’s Miami office, and included CBRE South Florida professionals, Charles Foschini, and Christopher Apone.
The buildings boast state-of-the-art Category 5 hurricane resistant construction and 100% back-up power in an N+1 configuration providing a “business as usual” environment following a power outage.
KBS Real Estate Investment Trust II (KBS REIT II) is a non-traded real estate investment trust affiliated with KBS Realty Advisors.
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