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