New York real estate investor sells Palm Beach Gardens office building for $7M

UPDATED, Dec. 10, 10:45 a.m.: In a $6.9 million off-market deal, a Tarrytown, New York-based real estate firm sold an office building in Palm Beach Gardens.

Harric Realty Corporation, a company tied to Robert Mannheimer of East Islip, New York, bought the Harbour Point Plaza at 11000 Prosperity Farm Road, according to records. The seller is an entity managed by Howard Dean, principal of H. Dean Properties. Dean paid $6 million for the Class B property in 2016.

Allan Carlisle with Ciminelli Real Estate represented the seller. The brokerage also handles leasing for the three-story, 27,755-square-foot building, which was completed in 1988. Hunter Campbell with Bruner Group represented the buyer.

Carlisle told The Real Deal that he was approached by another broker in a separate deal — and it led to the sale of the office building.

“He mentioned he had a potential buyer for an [office property] of a certain size and dollar range,” Carlisle said. “I floated the idea to the landlord, and he threw out a number that was very aggressive. The sales price was pretty close, and the landlord did very well.”

Campbell confirmed he contacted Carlisle about doing a deal. He also said that he will be handling leasing for the building.

Harbour Point Plaza has roughly 7,386 square feet of office space available for rent, according to a Loopnet listing. However, three vacant spaces have pending leases, Carlisle said.

Current tenants include Coastal Living Realty, Home Partners Title Company, Allay Health & Fitness and Hamilton Aesthetics, Carlisle added.

Marc Kleiner, a Miami-based attorney who represented Dean, said the property went under contract in October. “[Dean] was happy to walk away,” Kleiner said. “It was mostly a net deal with most of the closing expenses paid by the buyer.”

Founded 35 years ago, H. Dean Properties owns more than 1 million square feet of commercial real estate in seven states, including Florida and New York.

Palm Beach Gardens has seen its fair share of small and large office deals this past year. In May, ABS National Business Parks bought an office complex and an adjacent development parcel for $30.5 million from Fort Lauderdale-based Stiles. In October, TA Realty sold the four-story Gardens Pointe office building to Sunnyfield South for $16.8 million.

Palm Beach Gardens is also home to the biggest retail trade in Palm Beach County this year. A joint venture between private equity firm Lone Star Funds and retail investor Woolbright Development paid $101.7 million for the Legacy Place shopping center.