Tambone and Catalfumo sell office campus in WPB for $22.3M

Seller paid nearly $16M for the property and an adjacent building last year

Miami /
Aug.August 20, 2018 04:30 PM

2400 and 2410 Metrocentre Boulevard East and ICP Capital Partners Ondrej David

UPDATED, Aug. 21, 1:33 p.m.: A partnership between Tambone Companies and Catalfumo Companies just sold a former educational building in West Palm Beach for $22.3 million, after paying $15.75 million for the property and an adjacent building about a year ago.

The 65,770-square-foot building at 2410 Metrocentre Boulevard East sold fully occupied by an engineering company called Belcan. The engineering firm leased the space around the same time the partners picked up the two buildings last August.

The partners still own the neighboring 27,000-square-foot building at 2400 Metrocentre Boulevard East. The property is vacant, according to listing broker Tom Burst of Colliers International South Florida. It was formerly the Lincoln Culinary Institute, and can be redeveloped with a four-story office building of up to 80,000 square feet, according to marketing materials.

The buyer, Metrocentre Property, LLC, is an affiliate of ICP Capital Partners, a Czech Republic-based investment firm that focuses on real estate and private equity projects, according to its website. The deal marks its first in the U.S. The company is led by Marek Klaus and Ondrej David. Records show ICP financed the deal with a $13.5 million loan from JP Morgan Bank.

The selling entity, Tam-Cat 45th St, LLC, is led by Daniel Catalfumo and Richard Tambone, who has developed buildings for companies such as Sony, Motorola, Wartsila, Perrier and Wackenhut Corporation.

Colliers International South Florida’s Kevin McCarthy and Bastian Laggerbauer represented the partnership in the latest deal, as well as the purchase a year ago. McCarthy and Laggerbauer also brought the buyer.

Office rents in South Florida are on the rise. In the West Palm Beach market, overall asking rents rose to about $57 per foot in the second quarter, according a recent report from Cushman & Wakefield.

Correction: A previous version of the article misrepresented the number of properties that sold. 


Related Articles

arrow_forward_ios
From left: NDT Development co-founders Damien Barr and Ned Grace along with 418-444 Nottingham Boulevard in West Palm Beach (Google Maps, NDT Development)
Nora developer plans townhouses in West Palm Beach
Nora developer plans townhouses in West Palm Beach
BoaVida's Eli Weiner with 1375 Military Trail (BoaVida Group, Goggle Maps)
California firms pay $39M for West Palm mobile home park
California firms pay $39M for West Palm mobile home park
From left: BlackRock's Larry Fink and Related Companies' Stephen Ross in front of 360 South Rosemary Avenue in West Palm Beach (Getty Images, LoopNet)
BlackRock lands in West Palm Beach
BlackRock lands in West Palm Beach
Tricera Capita's Ben Mandell with rendering of The Press project (Tricera Capital)
Lease roundup: Tricera scores tenants in West Palm, Boca
Lease roundup: Tricera scores tenants in West Palm, Boca
Brand Atlantic Real Estate Partners managing partners Andrew Dance and Adam Demark, and renderings of the two buildings at 300 Banyan Boulevard and 111 Olive Avenue (Brand Atlantic Real Estate, Getty)
JV scores $87M construction loan for West Palm Beach office projects
JV scores $87M construction loan for West Palm Beach office projects
Domenic Gatto and Banyan Cay Resort and Club (Linkedin, Banyan Cay, Illustration by The Real Deal with Getty)
Developers of troubled West Palm resort project facing $61M foreclosure
Developers of troubled West Palm resort project facing $61M foreclosure
Related chairman and CEO Jorge Pérez in front of 4906 North Flagler Drive (Related, Getty Images, Zillow)
Standard Oil heiress’ widower sells waterfront West Palm Beach estate to Related Group for $16M
Standard Oil heiress’ widower sells waterfront West Palm Beach estate to Related Group for $16M
From left: One Flagler in West Palm Beach, 830 Brickell in Brickell, and Eighteen Sunset in Miami Beach (Getty, Related Southeast, LoopNet, Koniver Stern Group)
Spurred by new-to-market firms, South Florida office rents hit record highs
Spurred by new-to-market firms, South Florida office rents hit record highs
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...