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

October 21, 2015 03:30PM
By Sean Stewart-Muniz

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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.

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