SVN South, the Miami office of Sperry Van Ness International Corporation, announced it has successfully completed the $12.5 million sale of 11.4 acres of prime waterfront land fronting Clear Lake in the City of West Palm Beach to Mulberry Street Partners and Temple Hill Partners, which includes South Florida billionaire real estate developer Jeff Greene.
SVN South’s Managing Director Matthew Rotolante (pictured above) and Senior Advisor Mark King (pictured right) represented both the seller, WPB CLEARLAKE SPE, LLC, and Greene in the transaction. Rotolante, a 12-year commercial real estate veteran and SVN’s #1 broker in Florida in 2014, secured the listing for the parcel at 719 Executive Center Drive in June 2015. The site originally was slated for development as high-end condominiums called the Sail Club in 2005, but that project was abandoned during the downturn. The property has since been through the foreclosure process and federal bankruptcy court.
“As the last site of its kind in the area, it is prime for development,” says Matt Rotolante. “The addition of the new Palm Beach Outlet mall, the unique 32-unit-per-acre zoning, and the incredible competition it enjoyed as a result of our marketing program all point to this property bearing fruit for years to come.”
The property generated intense interest from more than 100 commercial real estate developers, brokers, REITs and investors across Florida and nationwide. King and Rotolante, experts in handling bank-owned and bankruptcy properties, fielded more than a dozen competitive offers before the seller settled on Greene.
To market the listing, Rotolante and King employed the “SVN Difference,” which promises to market properties nationwide and share fees equally with cooperating brokers, thereby generating more offers to produce the highest, competitive bidding environment, and ultimately the highest price.
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