West Palm Beach, FL – June 11, 2012 – (RealEstateRama) — CBRE arranged the sale of 1700 Palm Beach Lakes, a 113,953-square-foot office building for $18,462,500. CBRE market the asset for sale on behalf of DRA Advisors, and also secured $13,725,000 acquisition financing on behalf of the purchaser, Breaker’s Capital Partners LLC. The new owner has retained CBRE as exclusive leasing advisor as well.
1700 Palm Beach Lakes is an 11-story office building built in 1988. At the time of closing, the property was 87% occupied. Major tenants include the Internal Revenue Service, 1st United Bank, Uniters North America and Walton Lantaff.
CBRE’s Christian Lee, Charles Foschini, Scott O’Donnell, Dominic Montazemi and Anthony Librizzi marketed the asset for sale on behalf of DRA Advisors. Lee, Vice Chairman with CBRE’s Institutional Group, and Foschini, Vice Chairman with CBRE’s Debt & Equity Financing Group lead a seven-person team providing investment sales and financing solutions to commercial property owners.
CBRE Vice President Anthony Librizzi has been retained by the buyer to provide leasing services.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Marketing Director, FL
elizabeth.cross (at) cbre (dot) com
Communications & Media Manager, FL
lauren.crawford (at) cbre (dot) com