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

A New York investor purchased the property for $332 psf

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.

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