Tag Archive for: kevin probel

West Palm Beach Office Building Sells

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CBRE has arranged the sale of Courthouse Commons, a 85,668 square-foot, Class A office building located at 444 West Railroad Ave.

The property was sold for $22.75 million, property records show, by a joint venture between IP Capital Partners and Fir Tree Partners to FoxRock Properties, who was represented by CBRE’s Kevin McCarthy and Kevin Probel.

“This was a highly beneficial off-market transaction for both the seller and the buyer,” said Kevin McCarthy, first vice president at CBRE. “Our client, FoxRock Properties, was looking to purchase a building in downtown West Palm Beach. So, we connected with one of our past leasing clients, IP Capital Partners, to evaluate selling Courthouse Commons. Working with the buyer and seller, we were able to reach a mutually agreeable purchase price, and all parties are highly pleased with the outcome.”

Current tenants at the property include General Services Administration (GSA), which occupies 34,921 sq. ft., Law Firm Burlington and Rockenbach, as well as US Legal Support. Furthermore, Granite Telecommunications will lease 20,841 sq. ft. on the second floor. New ownership plans to install a 6,000-sq.-ft. gym in the first floor, which is currently vacant, and bring in a breakfast/lunch tenant to the small restaurant vacancy on the ground floor.

Building amenities include an attached 5-story parking garage with a covered pedestrian sky walk, providing direct access to the County Courthouse and is just minutes from Palm Beach International Airport and within walking distance to Clematis Street retail, the new Brightline train station and upscale lifestyle center at CityPlace.

According to CBRE’s Q1 2018 Palm Beach Office Report, sales activity in Palm Beach County finished with transactions totaling 274,183 sq. ft. Investors continue to pursue value-add opportunities in Palm Beach County, and it is anticipated that the area will continue to demonstrate positive momentum in 2018.

JLL Wins Leasing And Management For Courthouse Commons

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JLL has been tapped as the leasing and management agency of Courthouse Commons, a premium, Class A 93,000 square-foot office building with direct access to the West Palm Beach County Courthouse and walking distance to Clematis Street and CityPlace.

Located at 444 West Railroad Avenue, Courthouse Commons is the last building in downtown West Palm to offer 20,000 contiguous square feet on one floor and boasts the highest parking ratio in the Central Business District (CBD) at a ratio of 5.4 per 1,000 SF.

JLL’s Vice Presidents Kevin McCarthy and Kevin Probel will spearhead the leasing efforts and management at the building. With this assignment, JLL continues to expand its agency leasing portfolio to nearly 1 million square feet of office space in Palm Beach County.

 

“The building’s convenient access to the courthouse and all of the amenities downtown, including restaurants, shops and vibrant work, play environment, makes it the perfect location for attorneys, accountants, and other professional agencies,” said McCarthy.

 

The building, which has a covered pedestrian skywalk to the West Palm Beach County Courthouse and City Hall, was originally built for law firms but has attracted an eclectic mix of tenants, including a US government agency. The building’s new owner, Florida Community Bank (FCB), selected JLL to help maximize the property’s value and secure additional tenants.

 

“Over the last two years, we’ve really increased our presence in Palm Beach County and established JLL as one of the area’s leading commercial real estate firms,” said Probel “Courthouse Commons is one of the leading properties downtown. JLL is looking forward to working with FCB to secure additional tenants looking for a high profile location, unmatched amenities and competitive leasing terms.”

 

“We are excited to have JLL lead our leasing and management of the building,” said Florida Community Bank’s Director of REO, Larry Benton.  “They have a proven track record in South Florida and national reputation that will attract the right mix of tenants to increase the property’s value. With the highest parking ratio downtown, and the largest contiguous space remaining on one floor, Courthouse Commons is strategically placed for tenants seeking a downtown address with ample parking.”

 

The building is located less than two miles east of I-95 from the Okeechobee Boulevard exit.