The Real Deal Miami

TA Realty sells West Palm office complex for $15M

Deal marks 8.5 percent loss in value for seller after eight years

July 06, 2016 06:00PM

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Northpoint Corporate Center

Northpoint Corporate Center

Just one day after TA Realty’s eighth anniversary of owning West Palm Beach’s Northpoint Corporate Center, the investment advisor has sold its property to a Rhode Island company for $15 million.

Listing agents Douglas Mandel and Todd Everett of Marcus & Millichap announced the deal Wednesday. TA, which has its headquarters in Boston, sold the Class A office building at 701 Northpoint Parkway and a separate outparcel to Douglas Pike Associates.

Together, the two office buildings measure roughly 100,903 square feet and were built in 1988 by the Stiles Corporation. County records show TA purchased the two through an affiliate for $16.45 million, or about $163 per square foot, in 2008.

The company has now sold both for roughly $149 per square foot, marking an 8.5 percent decrease in price.

Notable tenants include CBS, BellSouth, BlueCross BlueShield, ADP Inc., Traveler’s Insurance and First American Title.

Douglas Pike is a commercial real estate firm headed by Axel Stepan, a Boston University graduate and veteran investor.

Marcus & Millichap agents Mandel and Everett also represented Stepan’s firm for the deal.

“The West Palm Beach market is undergoing explosive developmental growth with many new mega-scale projects in the works, forecasting continued strong demand for real estate within the county well into the future,” Mandel said in the announcement. — Sean Stewart-Muniz