West Palm office parks sells for $12M in tight market

The property sold for $155 psf

Jan.January 07, 2020 09:45 AM
Jason Hochman, Greg Miller, Scott O'Donnell, Michael Ciadella and 901 Northpoint Parkway 

Jason Hochman, Greg Miller, Scott O’Donnell, Michael Ciadella and 901 Northpoint Parkway

A West Palm Beach office park sold for $12.35 million in a tight office market.

Northpoint Investments Partnership sold the 79,516-square-foot Northpoint Business Plaza at 901 Northpoint Parkway for $155 per square foot. 901 Building LLC, managed by Miami lawyer Alex Sirulnik, bought the property.

Cushman & Wakefield’s Greg Miller, Scott O’Donnell, Miguel Alcivar and Michael Ciadella partnered with Colliers International’s Michael Falk and Scott Weprin to represent Northpoint Investments Partnership in the deal.

Jason Hochman of Cushman and Wakefield helped the buyer arrange a $7.395 million loan from Citi.

Northpoint Business Plaza includes four single-story office buildings developed in 1988 on a 6.3-acre site. The buildings were 96.7 percent occupied at the time of the sale. Tenants include Healthy Mothers, Healthy Babies; Wood Environment & Infrastructure Solutions; Kennedy Contractors; and the Florida Department of Highway Safety.

Northpoint Investments Partnership had bought the office park in 2014 for $4.8 million, records show.

West Palm Beach has a limited supply of new office buildings, but developers are seeking to build Class A buildings in the coming years to satisfy growing demand from financial firms and tech companies.

Related Companies is planning to build a 25-story office tower in downtown West Palm Beach at 134 and 142 Lakeview Avenue and 809 South Flagler Drive. Miami-based Tricera Capital is also seeking to redevelop the Palm Beach Post building at 2751 South Dixie Highway. The property will include 125,000 square feet of retail and 140,000 square feet of office space.

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