After picking up a $10 million property on hip Clematis Street in West Palm Beach, a New York-based investor is planning to spend another $90 million on Palm Beach County real estate.
Atlas Real Estate Partners is reportedly turning its attention to South Florida, and has chosen Palm Beach County for its prices, as compared to Miami-Dade County.
The investor has earmarked $90 million for the purchases, which are expected to take place over the next year to 18 months, a publication reported.
Alex Foster, the firm’s managing principal, told the Palm Beach Post that the company is already looking at $60 million in deals.
Foster told the publication that all West Palm Beach needs is a more dense downtown and a high-end office building to attract hedge funds.
“We see West Palm as being under the radar,” Foster told the Palm Beach Post. “We’re seeing more opportunity in Palm Beach County.”
The firm’s first purchase in the area, 222 Clematis Street, is a 32,661-square-foot retail property that houses a Starbuck’s and Rocco’s Tacos. [Palm Beach Post] — Sean Stewart-Muniz