Palm Beach Outlets developer buys office building

New England Development paid $10.2M for the property

TRD MIAMI /
Feb.February 21, 2019 04:30 PM

New England Development’s Stephen R. Karp and 223 Sunset Avenue (Credit: LoopNet)

The owner of the Palm Beach Outlets paid $10.2 million for an office building in Palm Beach.

New England Development bought the property at 223 Sunset Avenue from Richard and Ellen Rampell, records show. Richard Rampell is the managing principal of the accounting firm MBAF’s Palm Beach office.

New England Development paid $580 for the 17,561-square-foot property, according to records. The building was built in 1984 and sits next to a Publix.

The Rampells bought the property in 2004 for $5.5 million, records show.

In April, New England Development bought the Bradley Park Hotel in Palm Beach for $15.4 million. The 32-room hotel at 280 Sunset Avenue is just down the road from the company’s most recent acquisition.

The firm developed and manages the Palm Beach Outlets in West Palm Beach and the adjacent Marketplace at the Outlets. In Boston, it is part owner of the Taj Boston Hotel and developed the Westin Boston Waterfront Hotel.

Palm Beach is one of the wealthiest areas in South Florida. Commercial properties are able to command high prices due to the lack of land and demand from out-of-state investors.


Related Articles

arrow_forward_ios
Carl Panattoni, Raymond G. Perelman and 965 North Ocean Boulevard in Palm Beach (Credit: Panattoni, PennToday, and Google Maps)

Developer Carl Panattoni drops $29M on Palm Beach estate

Dan Gilbert and 100 El Bravo Way (Credit: Getty Images and Realtor)

Company tied to Quicken Loans buys Palm Beach estate for $25M

670 Island Drive and Paul Shiverick (Credit: Getty Images) 

Hedge funder sells Palm Beach home for $19M

Todd Glaser and the home

Todd Glaser venture sells Palm Beach spec home for $9M

134 El Vedado Road (Credit: iStock)

Developer sells Palm Beach estate for $14M

800 South County Road (Credit: Realtor)

Mizner estate in Palm Beach sells for $24M

Nirka Burns Padilla and Martin Conroy 

Movers & Shakers: Palm Beach broker leaves William Raveis for Douglas Elliman & more

Mark Wilf, and 310 Atlantic Avenue (Credit: Getty Images and Realtor)

Co-owner of Minnesota Vikings sells Palm Beach townhome

arrow_forward_ios
Loading...