PALM BEACH, FL—1700 Palm Beach Lakes just traded for $18.4 million. DRA Advisors sold the 113,953-square-foot office building to Breaker’s Capital Partners.
CBRE’s Christian Lee, Charles Foschini, Scott O’Donnell, Dominic Montazemi and Anthony Librizzi marketed the asset for sale on behalf of DRA Advisors. DRA Advisors also secured $13.7 million in acquisition financing for Breaker’s. CBRE will serve as the exclusive leasing agent for 1700 Palm Beach Lakes.
“Earlier this year the property across the street, the Mellon Building, sold for $80 a foot in an auction by Auction.com,” Lee tells GlobeSt.com. “So this property represents about twice the price per square foot for the most direct competitor.”
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