The Real Deal Miami

Lake Worth bowling alley sells for $3.2M after foreclosure

Buyer paid $60 per square foot

March 16, 2015 03:15PM
By Sean Stewart-Muniz

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6591 South Military Trail and Benjamin Bruner

6591 South Military Trail and Benjamin Bruner

A 60,000-square-foot bowling alley in Lake Worth recently sold for $3.2 million after its owner went into foreclosure, The Real Deal has learned.

Located at 6591 South Military Trail, the building sits on a 6.4-acre lot next to an upcoming charter school and daycare.

The buyers, 3M Properties and storage developer Styria, are redeveloping the property into a climate controlled self-storage facility, aid Ben Bruner of commercial real estate firm Michael Falk & Company, who represented the bank that sold the property.

Palm Beach Community Bank foreclosed on the property in July, but kept the owner — the bowling alley operator — as a short term tenant while Styria and 3M get the necessary zoning to build the storage facility.

Bruner told TRD that the property garnered a lot of interest and had four backup contracts ready to go if Styria’s deal fell through.

“The area is changing a lot,” Bruner said.”There’s quite a few new developments going on.”

 

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