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Lake Worth Beach office buildings sell for $11M
Built in the 1980s, Concept II buildings have a total of 975K sf
A Miami-based real estate investment firm sold a pair of office buildings near Lake Worth Beach for $10.9 million.
The seller is a company managed by Daniel Stuzin, president and principal of SF Partners. The selling entity shares an address with SF Partners, according to records.
SF Partners bought the two six-story medical office buildings, called Concept II, at 2290 and 2328 10th Avenue North for $8.6 million in 2015, records show.
At the time, they were 77 percent leased. Now, they are 82.5 percent occupied, with collection rates similar to pre-pandemic levels, according to a press release.
The buyer is local real estate investor Allen Chelminsky, according to the release.
The towers, built in the 1980s, total 97,000 square feet. Tenants include software company Safeway Security Services and healthcare services provider Praesum. Office space at the building is asking about $12 per square foot per year, according to an online listing.
Avison Young’s David Duckworth, John K. Crotty, Michael T. Fay, Brian C. de la Fé, Emily Brais and Berkley Bloodworth brokered the deal.
Both the buyer and seller have been active in the commercial real estate market in South Florida.
Last year, Chelminsky bought two medical office buildings in Lauderhill for $5 million. In 2018, he sold an apartment community in North Miami for $13 million.
Last year, SF Partners sold a West Palm Beach office building for $8.5 million.
Other recent big-ticket office sales in Palm Beach County include $80 million for the DiVosta Towers in Palm Beach Gardens, and a Palm Beach Gardens office complex built by Jack Nicklaus’ development company sold for $49.8 million.