Avison Young Arranges Palm Beach Office Sale
- Oct 15, 2020
Avison Young has brokered the $10.9 million sale of Concept II Tower, a 96,674-square-foot office property in Lake Worth, Fla. The firm’s David Duckworth, John Crotty, Michael Fay, Brian de la Fé, Emily Brais and Berkley Bloodworth assisted the seller, SF Partners. A private investor acquired the property.
The asset previously changed hands in 2015, when In-Rel Properties sold it for $7.4 million, according to Yardi Matrix data. CenterState Bank provided a $6.4 million acquisition loan at the time.
Located on 7 acres at 2290 and 2328 10th Ave. N., the property encompasses two six-story buildings completed in 1983 and 1986. In 2015, SF Partners executed a capital improvement plan on the asset, Yardi Matrix shows. The site is a short distance from Interstate 95 and roughly 6 miles south of Palm Beach International Airport.
At the time of the sale, the property had an occupancy rate of 82.5 percent, according to Avison Young’s Duckworth. The tenant mix includes The Strafford Firm, Praesum Healthcare and Rally CPA.
In May, Avison Young facilitated the $7.6 million sale of a 105,000-square-foot industrial property in Miami. The same brokerage team represented RAM Steel Framing in its disposition to Zaragon.