Triarch buys West Palm office buildings next to Astros owner’s planned hotel

Adjacent office building is being redeveloped into 190-room hotel

TRD MIAMI /
Jan.January 08, 2018 06:20 PM
 

Triarch Capital Group just paid $22.5 million for two office towers in West Palm Beach.

An affiliate of investment management firm Crimson Peak sold the towers, once part of a trio collectively named the Forum, before Houston Astros owner Jim Crane paid $6.5 million for the westernmost building in February, according to property records.

In December, Crane scored a $19 million loan from Woodforest National Bank to redevelop the building into a 190-room hotel.

Records show the Crimson Peak affiliate, headed by Mark Paresky, bought the three office building complex at 1655-1675 Palm Beach Lakes Boulevard for $20.5 million in February 2016.

The Forum is located about five miles south of the Ballpark of the Palm Beaches, a spring training complex the Astros are sharing with the Washington Nationals. The 6,500-seat facility, along Military Trail south of 45th Street, opened last year.

The two adjacent 10-story buildings sold 92 percent leased, according to Triarch Capital’s Daniel Halberstein. Major tenants in the 1970s-era buildings include Humana and Airamid Health Services. Halberstein said the firm is planning to upgrade the buildings and renovate its parking garage.

CBRE’s Christian Lee, José Lobón and Amy Julian represented the seller, and Colliers International South Florida’s Jonathan Kingsley represented the buyers.

Triarch Capital has grown its commercial investment portfolio, since being founded in 1996 by Halberstein, Mario Grosfeld and Jorge Linkewer. In 2016 the firm paid $74 million for the Doral Costa office park. Its focus has mainly been in retail properties anchored by grocery chains, according to its website.


Related Articles

arrow_forward_ios
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

One West Palm rendering and Jeff Greene

Construction worker injured at Jeff Greene’s project in West Palm

Al Adelson and the Bristol

High on his own supply: The Bristol developer buys a unit at his condo tower

Jason Hochman, Greg Miller, Scott O'Donnell, Michael Ciadella and 901 Northpoint Parkway 

West Palm office parks sells for $12M in tight market

Roger Hertog and The Bristol in West Palm Beach (Credit: Getty Images)

Investment honcho pays $14M for condo at The Bristol

Angelo Gordon & Co.’s Michael Gordon and 1400 Village Boulevard

Angelo Gordon pays $55M for West Palm apartments

Jeff Burns, Nick Rojo, The Grand

Affiliated Development to build workforce apartments in West Palm

The Bristol in West Palm Beach

Paper magnate inks deal for condo at The Bristol

arrow_forward_ios
Loading...