The Real Deal Miami

Palm Beach County office plaza sells for $21M to NY firm

Deal was $9.15 million cheaper than last sale in 2007
The International Plaza at 7280 Palmetto Park Road in Palm Beach County

The International Plaza at 7280 Palmetto Park Road in Palm Beach County

The International Plaza, a two-building office park near Boca Raton’s southwestern border, was just sold for $20.75 million to an affiliate of a New York real estate company.

The buildings are located at 7280 Palmetto Park Road on a 7.4-acre property. The site is mostly composed of surface parking and a raised pedestrian promenade with palm tree planters and sitting areas.

Until Tuesday, the property was owned by an affiliate of Clarion Partners, a New York investment company with $36.8 billion in assets under its management. The company originally paid $29.9 million — or about $299 per square foot — for the buildings in 2007.

Now, the offices have sold for roughly $207 per square foot to So-Flo Venture LLC. Corporate records show the company is tied to George Brock of Liberty Equities (U.S.A.), a real estate company based in New York. The company financed its deal with a $13.455 million loan from TD Bank, according to records.

Both structures are three-story office buildings with 100,064 square feet of leasable space, according to Palm Beach County property records. The first building was finished in 1989, with the second opening in 1998.

A fund managed by Clarion Partners was part of the group that paid $278 million for the Palm Beach Outlets shopping mall in June.