CBRE announced today the sale of the Sabadell United Bank Building at 1645 Palm Beach Lakes Boulevard for $15,423,000. Brookwood Sabadell Investors, LLC purchased the 113,862-square-foot office building from PEBB Palm Beach Lakes, LLC.
CBRE provided representation to the seller in the transaction.
The 12-story building was constructed in 1980 and includes a five-level parking structure. The property had recently benefitted from over $700,000 in common area and building system improvements, aggressive rent roll stabilization and direct property management.
Execution of this transaction was led by Dominic Montazemi and Scott O’Donnell, Senior Vice President, who lead CBRE’s Private Capital Group focused on providing asset disposition and finance services for office, industrial and land assets throughout South Florida. They were joined by team members Marty Busekrus and Miguel Alcivar, as well as Vice Chairman Christian Lee of the Institutional Group in providing representation to the seller.
“The sale reflects strong investor demand for well-positioned assets with a stable roster of tenants and some level of upside. Given the property’s 80% occupancy and pending redevelopment of the nearby Palm Beach Lake Mall, the buyer was able to underwrite further lease-up and increasing rents over time. The $135 per-square-foot price underscores a dramatic shift in direction for the asset values along Palm Beach Lakes Boulevard, which have been hit with a number of high-profile foreclosures and auction sales, said Dominic Montazemi, Vice President with CBRE. “The ownership implemented a strong turn-around strategy that infused significant capital through a total building renovation and critical lease renewals that stabilized the rent roll.”
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