The Real Deal Miami

Four Palm Beach Gardens office buildings sell for $19M

86,349 sf office portfolio sells at $215 psf
May 18, 2017 06:20PM

11601 – 11641 Key Gardens Avenue, Palm Beach

An office park totaling 86,349 square feet in Palm Beach Gardens sold for $18.6 million. 

The four two-story buildings stretch between 11601 to 11641 Key Gardens Avenue. Kew Gardens LLC, which is linked to Bethesda, Maryland-based W.C. and A.N. Miller Development Co. purchased the property. The seller was LNR Partners, which had bought the site from Centre at the Gardens Mall LLC after it foreclosed on a $17.25 million mortgage, in 2015.

Avision Young’s John K. Crotty and Michael T. Fay represented the seller.

The office portfolio sold at about $215 per square foot. It was built in 2000, near The Gardens Mall, which is in the midst of remaking its tenant mix, adding electric car manufacturer Tesla and expanding the Apple store.

Over the past 18 months Avison Young’s Jonathan Satter increased the Kew Gardens properties’ occupancy rate from 50 percent to 98.5 percent, according to a press release. LNR Partners invested $730,000 in renovations, which included exterior painting, seal coating and striping of the parking lot, and a brand new roof overlay.

Avision Young recently listed an office building in Weston for $14.1 million – up 40 percent from its last sale price in 2006. — Amanda Rabines