The Real Deal Miami

West Palm Beach office park sold for $8.8M

December 29, 2014 10:45AM

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Metrocentre Corporate Park in West Palm Beach

Metrocentre Corporate Park

GE Business Financial Services sold a West Palm Beach office park it repossessed back in 2011.

Metrocentre Corporate Park was reportedly sold for $8.8 million to Grover & Corlew.

The 105,159-square-foot property has six buildings at 2440 through 2581 Metrocentre Boulevard. It was last traded for 13.6 million in 2001, the South Florida Business Journal reported. CBRE represented the seller and helped the buyer obtain $7 million in financing from a real estate investment trust.

“From 2003 to 2006, prior to the recession, the property had an average year-end occupancy rate of 95.7 percent. With recent gains in housing prices and employment, the economy is positioned to further improve and there is a tremendous value-add opportunity to lease up the vacant suites and benefit from the impressive market rental growth projected by economists,” CBRE’s Scott O’Donnell said in a news release. [South Florida Business Journal]Katherine Kallergis

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