(Read more on the debt and equity markets.)
NORTH PALM BEACH, FL-Boca Raton-based investor Eleven Nine Eleven LLC has acquired the 49,449-sf Palm Court Plaza with $6.5 million in acquisition financing. The financing was provided by Florida-based Sterling Bank for an 18-month term and was arranged by Bob Dockerty and Jamen Lachs, of Delray Beach-based Dockerty Romer & Co. The sellers were out-of-town investors looking to exit the market, Dockerty tells GlobeSt.com.
The three-story office and retail property is located on US Highway One just north of PGA Boulevard. Constructed in 1986, it has 300 feet of frontage along US Highway One and has a central courtyard. The retail space is located on the ground level with the office space on the second and third floors. The property is 75% occupied.
"The purchaser is a turn-around specialist and intends on refurbishing the property and filling in the vacancy," Lachs says. "This property has a phenomenal location."
Dockerty says that the buyer specializes in acquiring value-add properties with the intent of making capital improvements to the property. The property is located about a quarter-mile north of PGA Boulevard, near high-end residential development such as Lost Tree Village. "His intent is to spend some money to spruce up the property and lease out the vacant space," he says.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
