REO Disposition of Prime Location Offers Significant Potential Returns for Buyer
Boca Raton, FL – April 4, 2012 – (RealEstateRama) — CBRE arranged the sale of the 5.78-acre site known as Palmetto Promenade to Archstone New Development Holdings for $20,125,000. The land, currently zoned as DDRI (Downtown District of Regional Impact and R1D/DDRI (Residential Downtown District of Regional Impact), was a bank-owned property.
CBRE Executive Vice President Robert Given touts the Palmetto Promenade as the most significant development opportunity in Boca Raton since the construction of Mizner Park in 1991.
“This is truly an infill location with extremely high barriers to entry. New developments in the surrounding markets have been well-received and have experienced quick absorption rates. Thus, the premier location coupled with the lack of quality product in the market, continued decrease in the percentage of homeownership and upswing in the market cycle make this a compelling development opportunity,” said Given.
The project is located at 300–450 East Palmetto Road, in the center of Boca Raton’s $7.5-million Downtown Promenade project designed to enhance the landscape by improving traffic and making it more pedestrian friendly.
“Developers are once again in the market. We had several interested purchasers up until the moment of final buyer selection,” added Senior Vice President Richard Tarquinio. “The potential purchasers need to determine what they could build on the site and how long it would take to obtain the needed approvals. Development approvals for the site from 2006 had expired. CBRE and the owner engaged the services of the architect that designed the first set of drawings in 2006 and the land planning attorney who had worked with the City of Boca Raton. The development is now slated for 389 units and 26 townhomes.”
CBRE’s Robert Given and Richard Tarquinio marketed the site for sale and negotiated the transaction on behalf of the undisclosed seller.
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.
Contact:
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
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813.273.8482
lauren.crawford (at) cbre (dot) com
