The Real Deal Miami

New office building in Royal Palm trades for $5.6M

Sale marks second transaction for office plaza this year

August 31, 2015 01:30PM
By Sean Stewart-Muniz

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The Royal Palm Office Plaza at 420 South State Road 7

The Royal Palm Office Plaza at 420 South State Road 7

A newly built office building in Royal Palm Beach was just sold to an investment company for $5.6 million.

The building is a single-story structure with 13,532 square feet of commercial space, located at 420 South State Road 7, according to Palm Beach property records.  

It is the second and smaller part of a two-building office plaza developed by Boca Raton-based Pebb Enterprises, a private and family-owned real estate firm that focuses on commercial properties.

In January, Pebb sold the first portion of its project, a 30,000-square-foot medical office building that it built in 2009, for $8.3 million. The buyer was a trust managed by Paul L. Maddock Jr., a Palm Beach resident and president of the Palamad Development Company.

Now, the second piece has been sold for $5.6 million to a company titled Franqueira Investments, which was incorporated in Delaware. Its address leads back to the Miami-based accounting firm Kabat, Schertzer, De La Torre, Taraboulos & Co.