275,310-SF Office Complex Trade Fetches $15M

WEST PALM BEACH, FL-Investment Equities Associates, a real estate investment company in Miami Beach, purchased Forum Business Center, a 275,310-sf office complex here, for $15 million. The price equals approximately $54.48 per sf.The property consists of three 10-story office buildings built from 1973 to 1977. Major tenants at the property, located at 1655, 1665 and 1675 Palm Beach Lakes Blvd., a quarter of a mile from Interstate 95, include Ocwen Financial, Kennedy and Associates, and Verizon Directories. The whole property underwent significant renovations in the early ’90s and more recent upgrades such as renovations to the lobby, exterior painting and new roofs.LVWD Ltd. of Newtown Square, PA, was the seller. GMH Capital Partners, led by Gary M. Holloway Jr., R. Eric Mattson and Morgen J. Busch, negotiated the sale for LVWD Ltd.”The property was approximately 55% occupied at the time of the sale, giving IEA a large upside potential,” according to Holloway, senior vice president of the Investment Services division for GMH Capital Partners.