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NY Buyer Takes Office Property for $17M-Plus

WEST PALM BEACH, FL-Jerneb Corp. acquires the two-building, 159,300-sf Prospect Place office property for $109.86 per sf.

By Natalie Keith | Updated on January 25, 2007

WEST PALM BEACH, FL-New York City-based private equity group Jerneb Corp. has acquired the 159,300-sf Prospect Place for $17.5 million, or $109.86 per sf. The office property is at 3111 South Dixie Highway.

CB Richard Ellis’ Private Client Group senior vice president Scott O’Donnell and associate Dominic Montazemi, and Tom Robinson, of North Star Real Estate Investment Services, represented the seller in the transaction, Urban America, LP. “We are pleased to complete this round trip value-add investment that we acquired in 2002,” says Urban America CEO Richmond McCoy. “This asset has outperformed the market and enjoys a high quality tenant base in an improving market.”

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