Multi-Tenant Office Building In West Palm Beach Sells For $13.9 Million
Colliers South Florida closed last week on the sale of Village Executive Offices, located at 560 Village Boulevard in West Palm Beach.
Executive Managing Director Mark M. Rubin and Director Bastian Laggerbauer of Colliers | South Florida Investment Services Team represented the seller, North King Apartments LLC & Royal King Apartments LLC, in the transaction along with Shlomo Chelminsky from King Real Estate. Colliers Executive Managing Director Michael Falk represented the buyer in the deal. The building is currently 97% occupied and sold for $13.9 million.
“It was a unique opportunity for our team to execute a value-added plan that monetized the owner’s investment in a competitive market which resulted in multiple aggressive bids,” said Rubin.
The ±62,875-square-foot, three-story multi-tenant office building is meticulously maintained and recently underwent over $880,000 in capital improvements. The property is surrounded by a variety of amenities, including downtown West Palm Beach, and is within minutes from I-95, Florida’s Turnpike, and North Federal Highway/US-1.
“With no deferred maintenance, a solid tenant base and a strong commercial location, 560 Village Boulevard established itself as a solid long-term investment vehicle in the West Palm Beach marketplace,” said Laggerbauer.
Palm Beach County is located within the South Florida metropolis, just north of Miami-Dade and Broward Counties. Together, the tri-county region is the eighth-most populous metro area in the nation and the largest in the State of Florida, recording over 6.2 million residents and accounting for over one-third of the state’s population. According to Fitch reports, Palm Beach County is recognized as one of the nation’s wealthiest counties, with per capita personal income levels nearly 50% higher than state and national averages and high ratings reflective of its diversifying economic base, sound financial position, and moderate debt levels. Furthermore, Palm Beach County is one of the nation’s leading tourist destinations offering white sand beaches, clear turquoise waters, and internationally acclaimed shopping, dining, and golfing venues that appeal to the masses.
