Delray Beach, FL – June 23, 2011 – (RealEstateRama) — FL-PB Park Place, LLC sold the 3.93-acre lot along North Federal Highway for $1,450,000 to an undisclosed buyer. Located just north of Maroone Volkswagon at 2419-2605 N Federal Highway, the vacant lot was once slated for a mixed-use development project dubbed Parc Place North. In 2005, the site was approved the development of 45 residential units as well as office and retail components.
“The change from residential, office and retail shop use to an automotive use is a reflection of the times,” said Scott O’Donnell, Senior Vice President with CB Richard Ellis (CBRE). “Fortunately, with 500 feet of frontage on a busy highway, the opportunity generated high interest. With the help of Merv McDonald from Lancore Realty, who represented the buyer, we identified a buyer with the best offer and an expedited closing schedule.”
O’Donnell’s team, including Vice President, Mike Millard and Associate, Miguel Alcivar, represented the seller in the sale disposition.
About CB Richard Ellis
CB Richard Ellis 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 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis 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.
Contact:
Elizabeth Cross
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
813.273.8482
lauren.crawford (at) cbre (dot) com
