PALM BEACH, FL-1200 Corporate Place, a four-story, 137,021-square-foot office building in Boca Raton, has sold for $15.25 million, or $111 per square foot. Keystone Property Group, a PA-based real estate developer, acquired the asset.

CB Richard Ellis Capital Markets arranged the sale. Christian Lee, vice chairman, of CBRE’s Miami office led the marketing efforts. CBRE South Florida professionals Charles Foschini, Christopher Apone, Scott O’Donnell, Jeffrey Kelly, and Dominic Montazemi also worked on the deal.

“This is a deal that we would call value-add or opportunistic because the property was only a little more than 50 percent occupied,” Lee tells GlobeSt.com. “Keystone Property Group has an appetite for underperforming deals. They feel they can come in with fresh capital and be more successful on the leasing side than the previous owner.”