The Real Deal Miami

Palm Court Plaza sells for 57 percent less than 2007 price

September 19, 2011 01:01PM

The Palm Court Plaza mixed-use plaza in North Palm Beach traded at a highly discounted price, the South Florida Business Journal reported. The three-story, 50,000-square-foot complex at 11911 U.S. Highway 1 was sold for $3.3 million to an LLC managed by Robert Spiegel.

The building was previously purchased by another LLC for $7.65 million in 2007, with a $6.5 million mortgage. The owner defaulted on the mortgage and it was picked up by Sterling Bank, which regulators eventually shut down. The property was assumed by Iberiabank.

The office and retail complex is 65 percent occupied, according to Loopnet.com, but the majority of the leases expire within the next two years, which provides potential for the new owners to increase rents quickly. [SFBJ