Allen Chelminsky bought a Palm Beach County business park, marking his second office acquisition in less than a month.
An entity managed by the North Miami-based investor paid $14 million for Palm Beach Gardens Office Park at 4360 Northlake Road in Palm Beach Gardens, according to records and Vizzda. Chelminsky obtained a $9.8 million mortgage from City National Bank.
The park is a pair of two-story buildings spanning 68,124 square feet, completed in 1983, records show. The seller, an entity managed by Ellen Freedman in Miami Beach, paid $10.5 million for the 4.7-acre property in 2015. Tenants include United Veterinary Care, Akerman Insurance and Gardens Wholistic Health Center. The business park currently has 4,415 square feet of space available, according to a Loopnet listing.
Just a few weeks ago, Chelminsky bought an office building in Boca Raton’s Park of Broken Sound for $10.7 million.
In recent years, he’s been on the hunt for small and mid-size commercial properties in suburban markets across the tri-county region. Chelminsky paid $5 million for two medical office buildings in Lauderhill, $10.9 million for a two-tower office complex in Lake Worth and $7 million for two West Palm Beach medical office buildings between 2019 and 2021.
Palm Beach County has seen some major office trades recently. This month, a joint venture between Boca Raton-based Pebb Enterprises and Aventura-based BH Group paid $104 million for the Office Depot campus in Boca Raton in an off-market deal.
Last month, Boca Raton-based Blue Water Advisors purchased the PGA of America’s headquarters in Palm Beach Gardens for $12.2 million. The national golfing organization is planning to relocate to Frisco, Texas, where PGA is developing a 600-acre campus.
In February, Everglades College – the nonprofit owner of Fort Lauderdale-based Keiser University and Boca Raton-based Everglades University – dropped $30.2 million for a two-building complex in West Palm Beach. The property is home to Keiser University’s chiropractic medicine school, which Everglades College previously leased from the seller.