$39M Refinancing Secured For West Palm Beach Office Tower
The JLL Capital Markets team representing the seller was led by Senior Director Maxx Carney and Managing Director Ike Ojala.
The JLL Capital Markets team representing the seller was led by Senior Director Maxx Carney and Managing Director Ike Ojala.
Publix Super Markets, Inc. acquired the center.
The portfolio consists of three waterfront sites, totaling 1.36 acres, each with site plan approval already in-place for the development of a luxury mid-rise condominium with high-end amenities.
JLL represented the seller, Pearlmark, and procured the buyer, CS Ventures.
Class A office rental rates are exceeding $75 gross in Coconut Grove.
The sale closed at a 3.59 percent capitalization rate, which was a record capitalization for all Walgreens stores nationally.
The Richman Group of Companies acquired the asset with plans to develop 396 multi-housing units within a single mid-rise building including structured parking.
“Having achieved 90 percent lease-up prior to breaking ground, this center shows the continued strength of large format brick-and-mortar retail destinations across multiple use categories.”
JLL marketed the property on behalf of the seller, KDD Enterprises Inc., which has owned the property since it was developed in 1995.
Once completed in the spring of 2022, the project will be a state-of-the-art warehouse facility with modern features such as a 36-foot clear height and 110 dock-high doors.
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