West Palm building near future All Aboard site to be renovated

Miami /
Feb.February 02, 2015 10:30 AM

A four-story building in downtown West Palm Beach sold for $6 million in late January. The new owners, a property management and development firm, are planning on renovating the 64,000-square-foot site.

David Associates President Lisa Gerard told the Palm Beach Post that the property’s proximity to both the company’s headquarters and the expected $29 million All Aboard Florida train project were the main reasons for the purchase.

The property was last sold in 2012 at a discount. The total market value is listed at $3 million by the Palm Beach County Property Appraiser.

Barbara LeBrun, managing director of the KW Commercial Properties and broker of the deal, told the Palm Beach Post it is “a very rare opportunity to buy something downtown under $100 per foot.”

Gerard told the Palm Beach Post she has many plans for the building, located at 324 Datura Street, including renovating the entrance of the building to showcase an atrium that is now hidden in the back, and transforming the unoccupied fourth floor to executive suites and the ground floor to retail space. [Palm Beach Post] Kristina Puga


Related Articles

arrow_forward_ios
From left: BlackRock's Larry Fink and Related Companies' Stephen Ross in front of 360 South Rosemary Avenue in West Palm Beach (Getty Images, LoopNet)
BlackRock lands in West Palm Beach
BlackRock lands in West Palm Beach
Tricera Capita's Ben Mandell with rendering of The Press project (Tricera Capital)
Lease roundup: Tricera scores tenants in West Palm, Boca
Lease roundup: Tricera scores tenants in West Palm, Boca
Brand Atlantic Real Estate Partners managing partners Andrew Dance and Adam Demark, and renderings of the two buildings at 300 Banyan Boulevard and 111 Olive Avenue (Brand Atlantic Real Estate, Getty)
JV scores $87M construction loan for West Palm Beach office projects
JV scores $87M construction loan for West Palm Beach office projects
Domenic Gatto and Banyan Cay Resort and Club (Linkedin, Banyan Cay, Illustration by The Real Deal with Getty)
Developers of troubled West Palm resort project facing $61M foreclosure
Developers of troubled West Palm resort project facing $61M foreclosure
Related chairman and CEO Jorge Pérez in front of 4906 North Flagler Drive (Related, Getty Images, Zillow)
Standard Oil heiress’ widower sells waterfront West Palm Beach estate to Related Group for $16M
Standard Oil heiress’ widower sells waterfront West Palm Beach estate to Related Group for $16M
From left: One Flagler in West Palm Beach, 830 Brickell in Brickell, and Eighteen Sunset in Miami Beach (Getty, Related Southeast, LoopNet, Koniver Stern Group)
Spurred by new-to-market firms, South Florida office rents hit record highs
Spurred by new-to-market firms, South Florida office rents hit record highs
Rendering of the Olara development by New York-based Savanna in West Palm Beach with Savanna's Chris Schlank (Arquitectonica, Illustration by The Real Deal)
Olara is latest residential high-rise development planned in West Palm Beach
Olara is latest residential high-rise development planned in West Palm Beach
Extra Space Storage's Joseph Margolis with 401 N Military Trl and 2300 N Military Trl (Loopnet, Extra Space Storage)
Double scoop: Extra Space Storage drops $29M for two West Palm Beach complexes
Double scoop: Extra Space Storage drops $29M for two West Palm Beach complexes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...