SF Partners sells West Palm Beach office building

The buyer of Commerce Pointe Gold is tied to National Business Parks of NJ

Jun.June 03, 2019 09:45 AM
From left: Scott O’Donnell, Greg Miller, Dominic Montazemi, and Miguel Alcivar with the property

From left: Scott O’Donnell, Greg Miller, Dominic Montazemi, and Miguel Alcivar with the property

SF Partners sold a West Palm Beach office building for $8.5 million.

The Miami-based company sold Commerce Pointe Gold, a 43,433-square-foot Class B office building at 1800 South Australian Avenue for $195.7 per square foot, according to a press release. The buyer was Commerce Pointe Gold LLC, a company tied to National Business Parks of Princeton, New Jersey.

SF Partners had paid $4.2 million for the four-story office building in 2011, records show. The company improved tenant occupancy from 52 percent to 99 percent, the release said.

Cushman & Wakefield’s Scott O’Donnell, Greg Miller, Dominic Montazemi and Miguel Alcivar negotiated the sale on behalf of SF Partners. Commerce Pointe Gold, LLC was represented by Jason Sundook and Neil Merin of NAI/Merin Hunter Codman.

The office building was developed in 1986 on a 2.8-acre campus, according to the release. Tenants include the law offices of Craig Goldenfarb; Sasser, Cestero & Sasser; AEG Live SE; and Scuttina Real Estate Group.

The sale could signal that even Class B office properties in West Palm Beach are trading at much higher prices due to limited inventory of Class A office space in the city.

Large development groups are planning more office projects, however. In August, the West Palm Beach City Commission approved the Okeechobee Business District, allowing Related Companies’ 25-story Class A office building to go forward.

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