Showroom and office building sell for $10M in Palm Beach Gardens

A New York investor purchased the property for $332 psf

TRD MIAMI /
Nov.November 13, 2019 04:30 PM
4290 Professional Center Drive (Credit: Google Maps)

4290 Professional Center Drive (Credit: Google Maps)

A showroom and office building in Palm Beach Gardens sold for $10.2 million.

New York-based JKHA Group, led by Jerome Berko, purchased the 30,681-square-foot property at 4290 Professional Center Drive for $332 per square foot, records show. A company tied to Chicago-based Group One Investments sold the property.

The three-story office and design showroom, known as the Design Center, was last purchased in 2014 for $6.8 million, records show. The property was built in 2007.

Group One Investments also has multifamily properties in Georgia, Texas, New York and Illinois. The company was founded in 1977 by Howard Wolkoff and Bob Weitzman, according to its website.

The sleepy town of Palm Beach Gardens is seeing more interest from developers.

Late last year, Brookfield Asset Management paid nearly $218 million for the PGA National Resort & Spa in Palm Beach Gardens, marking the largest hotel sale in South Florida of the year. This summer, New York Life Insurance Co. bought The Financial Center at the Gardens for $71.8 million, in one of the Palm Beach County’s largest office sales of the year.


Related Articles

arrow_forward_ios
Scott Antoniak, Chief Executive Officer of Slate Office REIT, 5900 North Andrews Avenue (Credit: Google Maps)

Toronto REIT to buy Cypress Creek office building for $46M

Cushman & Wakefield’s Scott O’Donnell, Greg Miller, Dominic Montazemi and Miguel Alcivar, with 12 Southeast 7th Street (Credit: Google Maps)

Fort Lauderdale office tower sells for $18M

The health conscious grocer Earth Fare will close its stores

Earth Fare will close South Florida stores

Louis Oosthuizen and 12230 Tillinghast Circle (Credit: Getty Images and Realtor)

Pro golfer Louis Oosthuizen sells Palm Beach Gardens home

Anchor Health Properties CEO Ben Ochs and 3401 PGA Boulevard (Credit: Google Maps)

Anchor Health pays $24M for medical office building

The property at 3101 PGA Boulevard (Credit: Google Maps)

Sears sues landlord and city over blocked sublease at Palm Beach Gardens mall

Miami Beach (Credit: iStock)

South Florida office rents rise in Q4

Gateway at Wynwood and Rose & Berg Realty Group's Aron Rosenberg

Gateway at Wynwood scores $76M loan

arrow_forward_ios
Loading...