The Real Deal Miami

Historic mixed-used building in downtown WPB for sale

Clematis@Olive, at 219 to 225 Clematis Street, totals 47,857 sf
By Ina Cordle | April 20, 2015 04:45PM

219 to 225 Clematis Street, West Palm Beach

An historic mixed-use property in the heart of downtown West Palm Beach’s entertainment and nightlife neighborhood has been listed for sale, owner Jason Weisman told The Real Deal.

Clematis@Olive, at 219 to 225 Clematis Street, totals 47,857 square feet in the city’s Waterfront Clematis District. Ranging from two to four stories, the building stretches nearly the entire block at the eastern end of Clematis Street. Among the tenants are The Pawn Shop Lounge and The Alchemist Gastropub & Bar.

The property is 94 percent occupied, according to the listing, which does not specify a price.

It is being marketed by CBRE’s First Vice President Dominic Montazemi, Senior Vice President Scott O’Donnell, Vice President William Straus and Associate Gregory Miller. The listing is exclusively being offered to CBRE’s investors, the real estate company told TRD.

Palm Beach County property records and state corporate records show the property’s owner as William Weisman, of Clematis Street Property, LLC. The Weisman family, which includes Jason Weisman, principal of JAW Interests LLC, bought the property in September 2007 for $8.29 million. The building was built in 1947.

“As the urban core of West Palm intensifies with a plethora of exciting new projects in the works, this building located on ‘main-and-main,’ will benefit from a strong demand for viable, open-air retail,” Jason Weisman told TRD. Most recently, Weisman brokered the pending deal for Thor Equities to buy nearly a square block in Wynwood for $29 million.

Trendy Clematis Street has seen other mixed-use properties change hands recently. Last month, 222 to 230 Clematis sold for $10 million to New York-based Atlas Real Estate Partners. That building is home to Starbucks and Rocco’s Tacos.

“Land value within downtown West Palm Beach has increased significantly over the past few years, with numerous planned developments currently under construction within walking distance of the property,” CBRE’s listing states. “In addition to over 1,200 new hotel rooms and roughly 2,000 new residential units, a 60,000 square-foot All Aboard Florida train station is under construction and is projected to bring approximately 6.6 million tourists annually to Palm Beach County.”