Waterfront Clematis Sells for $55M

WEST PALM BEACH, FL-The landmark mixed-use development Waterfront Clematis in this town’s CBD has been sold for approximately $55.3 million, industry sources say. The Lionstone Group, an investment company based in Houston, purchased the asset, which includes office and retail space and overlooks the Intracoastal Waterway and the Island of Palm Beach. The sellers were One North Clematis Investors Ltd. and 101 North Clematis Investors Ltd., a group of Palm Beach County developers.The sale price was not disclosed. However, sources say the deal was worth nearly $55.3 million. Waterfront Clematis consists of two buildings. One of them, One N. Clematis St., is a five-story, 101,883-sf office and retail building. The other, a five-story building at 101 N. Clematis St., has 43,562 sf of office and retail space, 59 loft-style residential units and a 500-space parking garage.The commercial and retail space is 88.5% occupied, and the apartment portion is more than 90% occupied, according to John F. Bell. Bell and fellow Cushman & Wakefield senior director Jay M. Caplin represented the sellers in the transaction.Office tenants include Merrill Lynch & Co., Bank United, Edwards & Angell, Crossbow Ventures Inc., Broad & Cassel and Florida Crystals Corp. Restaurant tenants include Tommy Bahama Emporium, Quizno’s Classic Subs, Parrotheads on the Water and American Café.Waterfront Clematis is The Lionstone Group’s first Florida purchase. Lionstone, which represented itself, looks to acquire properties with excellent long-term fundamentals in the urban core of major cities across the country. The company is not affiliated with Miami Beach’s Lionstone Hotels & Resorts.