The Real Deal Miami

West Palm towers sell for discount

November 17, 2011 10:07AM

The Sabadell United Bank and Horizon office towers in West Palm Beach
have been sold, according to the South Florida Business Journal. The two
buildings were purchased by an affiliate of Boca Raton-based Pebb
Enterprises for a discount of $7.4 million from their mortgage.
According to Pebb, the buildings were purchased from an auction by Miami
Beach-based LNR Properties. “Both buildings suffered the same fate,”
said Todd Rosenberg, principal at Pebb. “The prior owners owned them at
too high a cost basis and were forced to seek much higher rents to
justify their purchase price.” [SFBJ]