The Real Deal Miami

Colombian family picks up property on hip Clematis in West Palm: $6.75M

Seller more than doubled his money after four years

June 20, 2016 12:05PM
By Sean Stewart-Muniz

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314 Clematis Street

314 Clematis Street

The same Colombian family that sold off the Key Biscayne Matheson estate for a record $47 million is back at it again.

A company they control just paid $6.75 million for a commercial property on West Palm Beach’s bustling Clematis Street.

County records show Trifecta Clematis, controlled by Ana Maria Caballero of Key Biscayne, purchased the 1920s-era building at 314 Clematis Street. Some of its tenants include Off The Hookah, a restaurant and night club that occupies the ground floor, as well as Eastview Development, a multifamily builder that has its offices on the second floor.

The seller was a company controlled by Zachary Preminger, president of Boca Raton-based Preminger Investments. His company bought the 29,181-square-foot building in 2012 for $3.2 million, or about $110 per square foot.

Clematis Street is a strip of downtown West Palm Beach that’s lined with low-rise retail and office buildings that were built at the turn of the century. Recent years have seen a revitalization of the area as hip night clubs, eateries and retailers moved into the area and drew in foot traffic.

That new image also brought investors to Clematis Street, where real estate prices are quickly rising.

Preminger sold his building on the street for $231 per foot — more than double his original purchase price. He was represented by Douglas Mandel and Todd Everett of Marcus & Millichap

The Caballero family was linked to December’s $47 million sale of Key Biscayne’s Matheson estate, marking one of 2015’s most expensive residential real estate deals in Miami.

They’ve since started purchasing smaller commercial properties in South Florida, including a still-under-construction building in the burgeoning MiMo District that will house a Panther Coffee location.