Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel, along with and C. Todd Everett, SIOR, Director, NOIPG, negotiated the sale of 314 Clematis, a 27,091-square-foot office building located in West Palm Beach, Florida.
Trifecta Partners purchased the two-story office asset for $6,750,000, or approximately $250 per square foot.
Mandel and Everett represented the seller, PI 314 Clematis LLC., in the transaction. The deal closed June 7.
The property was purchased by an affiliate of Boca Raton-based T-Rex Capital in November 2012 for $3.2 million, according to public records.
This marks the fourth major sale on Clematis Street by Mandel and Everett, who have also sold 222 Clematis, The Anthony Building at 312 Clematis and The Blackstone Building on the southeast corner of Clematis Street and Dixie Hwy.
“With its prime location at the center of Downtown West Palm Beach’s many lifestyle offerings and its close proximity to Interstate 95 and Florida’s Turnpike, the property is a one-of-a-kind investment opportunity in a high-profile location.”
314 Clematis was originally built in 1923 as a Woolworth’s Department Store and was completely renovated in 1997 and 2005. It is located at the center of the historic Clematis District and within close proximity to numerous restaurants, shops, the Government Center, Judicial Complex, City Center including City Hall and the new library, and a short walk from the Tri-Rail station. This fully renovated retail/office property features Off The Hookah and Tap House Southern Railway on the 1st floor, and multiple office suites on the 2nd floor.
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