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Office Asset Sells for $325 Per SF

WEST PALM BEACH, FL-The Foundation for the Advancement of Cardiac Therapies paid $1.3 million for the 4,000-sf Wilson Rowan Locksmith building here. The buyer plans to level the building and build a new facility. Meanwhile, Wilson Rowan purchased land for a new facility as well.

By Melissa Bogdany | Updated on September 24, 2004

WEST PALM BEACH, FL-The locally based Foundation for the Advancement of Cardiac Therapies has purchased the Wilson Rowan Locksmith office building in the city’s central business district for $1.3 million. The price represents $325 per sf for the 4,000-sf building.The property, situated on nearly a third of an acre at 625 S. Dixie Highway, was marketed at an asking price of $1.1 million, or $275 a sf. The seller was Wilson Rowan Locksmith Co.”The City of West Palm Beach continues to be a hot market for developers and other businesses looking to relocate,” Duane H. Bennett of Sperry Van Ness in West Palm Beach says in a statement. He represented Wilson Rowan Locksmith Co. in the transaction. “This property received multiple offers from developers and users alike.”The buyer, a nonprofit organization, plans to demolish the building and build itself another building, according to Bennett. Those plans are in the early stages, and the company has not determined how big a facility it will build, he adds.In a deal that Bennett also brokered, Wilson Rowan paid $250,000 for vacant land at 1308 Clare Ave. in West Palm Beach on which it plans to build a new 4,000-sf facility.

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