Repossessed Concourse Towers in West Palm Beach sold for $13.8M

The two 10-story office buildings sold for $92 psf

Jun.June 06, 2017 02:35 PM

2000 and 2090 Palm Beach Lakes Boulevard (Credit: Friedman Integrated Real Estate Solutions)

Concourse Towers in West Palm Beach just sold for $13.81 million to 2000-2090 Palm Beach Lakes LLC, led by Carlos G. Morrison and Thomas J. Morrison, according to Real Capital Analytics.

The two 10-story office buildings at 2000 and 2090 Palm Beach Lakes Boulevard total 130,680 square feet, records show. The sale price breaks down to $92 per square foot.

The towers were repossessed by a commercial mortgage-backed securities trust as collateral from borrower 2000 PBL Venture, in 2013, according to RCA. BACM 2005-3 Deaderick Office LLC, an affiliate of the CMBS trust with LNR Partners were the sellers.

Property records show 2000 PBL Venture bought the towers just west of the exit to I-95, for $7.3 million in 1996. They were built in 1979 and 1981.

In March, New York-based Related Cos. proposed a 25-story waterfront office building in West Palm Beach following the city’s rejection of a 30-story version of the project.

A recent real estate development and investment forum in West Palm Beach pointed out the county’s lack of available commercial space and traffic problems.

Harunobu Coryne contributed reporting. 

Related Articles

Daily Digest Miami

South Florida Q3 resi sales a mixed bag, with inventory falling, home foreclosures dropped nearly 20% in Q3: Daily digest

Daily Digest Miami

Quiksilver signs a lease in Miami Beach, Delray Beach’s Atlantic Crossing announces first retail and office tenants: Daily digest

The Bristol and Thomas J. Healey

Financial mogul pays $6.5 million for unit at the Bristol in West Palm

2751 South Dixie Highway, Scott Sherman and Ben Mandell

Tricera reveals plans for redevelopment of Palm Beach Post building

Daily Digest Miami

The trade war could hurt the industrial real estate boom, Hurricane Dorian’s impact on Florida’s hotels: Daily digest

James Harpel and The Bristol in West Palm Beach

South Florida developer pays $8M for condo at the Bristol

A rendering of The Bristol

NJ car dealer buys Bristol unit for $11M

The Bristol

Channel Islands businessman buys unit at The Bristol in West Palm