West Palm Office Property Trades

CBRE arranged the sale and new financing of Brandywine Centre I, a 69,715-square-foot, Class B office building with a restaurant outparcel, located at 580 and 600 Village Boulevard in West Palm Beach. G&C Brandywine Investors, LLC, (an affiliate of Grover Corlew, LLC) purchased the property for $7,000,000 from BCI Associates, LLC, which had owned the property for over a decade. CBRE represented both the buyer and the seller in the transaction.
The property was 69% leased at time of closing.
“To their mutual satisfaction, the two principals to the transaction were able to work through a tenant default situation that had a major impact on the cash flow to get this closed on a timely basis,” said CBRE Senior Vice President Scott O’Donnell.
He added, “Value-add office assets continue to be highly sought by private equity investors. The opportunities are often in suburban markets where the smaller, less corporate tenants dominate. Experienced operators like Grover & Corlew, LLC, who have acquired three suburban office buildings in South Florida over the past two years, are investing in these properties and improving their operating income and value over time.”
CBRE also arranged $5,039,000 in financing for the buyer from a non-recourse bridge lender.
“Given a quick closing time-table, we found a reliable lender who pre-qualified the transaction in advance, provided strong terms and worked diligently during the closing process,” said Jason Hochman, Vice President with CBRE’s Debt and Structured Finance Group. “The result was a smooth closing and a good loan that met our client’s needs. The lender closed in just over 30 days from loan application.”
Built in 1987, and situated on 5.46 acres, Brandywine Centre I is a newly renovated office building located less than a mile away from the new Palm Beach Outlets that includes a 9,100-square-foot restaurant outparcel.
The CBRE professionals involved in this transaction included Scott O’Donnell, Dominic Montazemi and Miguel Alcivar, all with CBRE’s Private Capital Group; and Jason Hochman, with CBRE’s Debt and Structured Finance Group.