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South Florida

NY REIT shells out $52M for West Palm Property

101 North Clematis
101 North Clematis

Colonnade Clematis, LLC, a New York-based REIT, purchased a mixed-use property in West Palm Beach for $52.1 million on Dec. 22, according to Palm County public records. The REIT is the owner of a portfolio of properties throughout the U.S., and was the owner of the historic Douglas Entrance complex in Coral Gables. 

The seller, CF West Palm Office LP led by Daniel Dubrowski, bought the properties at 101 North Clematis and 1 North Clematis for $43.3 million in April of 2004, records show.

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Tuesday’s deal includes a 48,495-square-foot building constructed in 2001 on .82 acres that is zoned for office, retail and residential use, as well as a 106,534-square-foot commercial building on .45 acres of land, according to the Palm Beach Property Appraiser’s website. A .09-acre land parcel was also part of the deal. — Heather Grossmann

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Douglas EntranceREITSWest Palm Beach