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Class A Waterfront Office Building

North Palm Beach Office Building Sale

Sold | North Palm Beach Office Building | 25,780 sf
1240 US Highway 1, North Palm Beach, Florida

Waterfront, North Palm Beach Office building sold for $4.35 million or approximately $169 per square foot.

CapasGroup Realty Advisors collaborated with Cushman & Wakefield and Fisher Auction Company to represent the seller.

The building is in excellent physical condition  and ideally suited for an investor or owner-user.

INVESTMENT HIGHLIGHTS

  • Dramatic views of the Intracoastal Waterway
  • Strong, high-quality income stream
  • Superb access and drive-by visibility
  • Minutes to the commercial core of Palm Beach Gardens
  • Luxury interior finishes

PROPERTY DETAILS

  • Constructed in 1999
  • 25,570 square feet.
  • Two stories (front) and three stories (rear)
  • High-end finish in all common areas.  Class A law firm build-out on the top floor.  Class A financial services and law firm build-out on the main floor plus functional back office space perfect for administrative uses.
  • Site size = 1.26 acres
  • 20 covered parking spaces, 47 surface spaces plus shared offsite spaces on adjoining property
  • Monument signage on US-1
  • 33% seller-occupied

ECONOMICS

  • Average rent at time of sale = $15.43 psf; $23.15 psf gross
  • 84% occupied at time of sale
  • CAM (Net of separately metered electricity) = $9.13 psf

TRANSACTION SUMMARY

CapasGroup Realty Advisors, in collaboration with Cushman & Wakefield marketed this North Palm Beach office building on behalf of a private ownership group who occupied a portion of the building.  In response to changing seller circumstances, the brokers worked together with the ownership group to modify the marketing strategy and brought in Fisher Auction Company to implement a public outcry auction.  This strategy proved highly successful and achieved the seller-client’s disposition objectives within their desired time frame.  The successful bidder was a local investor and developer with existing interests in the North Palm Beach submarket.  In addition to the stated purchase price, the purchaser paid a 6% buyer’s premium.

USEFUL LINKS

Palm Beach County Property Appraiser Page

 

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