FT. LAUDERDALE, FL-In-Rel, a Lake Worth-based private equity group, has purchased the 4100 Okeechobee Boulevard building, a 50,155-square foot, two story office building in West Palm Beach, from Urban America, a New York-based investment group, for $3.5 million or $69 per square foot. In-Rel, which closed on the deal on May 21, owns several million square feet of commercial space in the Southeast.

The 4100 Okeechobee building, which was built in 1971, was renovated several times over the years, including in 1993, says Scott O’Donnell, a broker with CB Richard Ellis’ office and industrial Private Client Group in Boca Raton who brokered the deal.

The Okeechobee building is four miles west of the county courthouse in downtown West Palm Beach and about two miles west of I-95 in a commercial strip. It is a single tenant building with one tenant occupying 66% of its space.

“The one major challenge (with this sale) was that the tenant, a non-profit child welfare agency called Child and Family Connections, has a clause in the existing lease that it can cancel the lease if its funding is cut off,” says O’Donnell. “The challenge was to find a buyer who could get comfortable with the existing tenant,” he says.

“We wouldn’t have closed the deal had the buyer not sat down with the agency,” says O’Donnell. “In the end, he was assured that, even though our state budget is challenged and cuts will be made, cuts in child welfare are off the table,” he says.