PALM BEACH, FL—An office portfolio with six single-story medical and professional buildings in West Palm Beach, FL has traded hands. General Electric Credit Equities sold the assets to Grover & Corlew for $8.825 million.

CBRE arranged the sale and financing of Metrocentre Corporate Park at 2500-2581 and 2440-2478 Metrocentre Boulevard. CBRE marketed the property on behalf of the seller and arranged a $7 million non-recourse bridge loan from a mortgage REIT in excess of 75% of cost at a low interest rate, for the buyer.

“Located in a meticulously groomed business campus, this 55%-occupied property presented investors with a value-add opportunity to own a critical mass of strategically located, high-quality, single-story office product below replacement cost,” says Scott O'Donnell, senior vice president of CBRE Investment Properties. O'Donnell, Jason Hochman, Dominic Montazemi, and Miguel Alcivar of CBRE Investment Properties worked on the deal.