The AmTrust Bank building in West Palm Beach sold for $7.5 million.
PSL 1850 LLC, managed by Donald Shapiro of South Hampton, Massachusetts, bought the Class A office building at 603 Village Boulevard. Rolling Mill LLC, managed by I.C. Tillman Jr. of West Cape May, New Jersey, sold the property.
PSL 1850 LLC secured a $5.15 million loan from Ameris Bank to buy the building.
The building totals 29,722 square feet, equating to a sale price of $252 per square foot, records show. The three-story building was built in 1989. Tenants include AmTrust Bank and medical office tenants such as Advanced Women’s OB/GYN.
The property last sold for $5.2 million in 2007, 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.