Chase Bank Professional Center Trades Hands

Health Care District of Palm Beach County dropped Chase Bank Professional Center, a professional center in Lake Worth, Fla, in a transaction mediated by Marcus & Millichap.
Chase Bank Professional Center

Chase Bank Professional Center

Chase Bank Professional Center was purchased recently by 10th Avenue Partnership Ltd., an entity managed by John Hoecker, president of Jupiter Realty Company. The seller was the Health Care District of Palm Beach County. Senior Vice President, Investments, Douglas K. Mandel and Director Todd Everett of Marcus & Millichap completed the $6.9 million sale. Mandel also negotiated the sale of the building back in December 2009, when the previous owner purchased the asset for $5.8 million, and has since used the majority of the building as its district headquarters.

The 94,222-square-foot facility is situated on 8.83 acres at 2601 10th Ave. North in Lake Worth. Constructed in 1977 as the headquarters for First Fidelity Savings & Loan of Lake Worth, the property was purchased in 1998 to be used as Washington Mutual Bank’s southeastern headquarters. In 2008, the Federal Deposit Insurance Corporation sold the banking subsidiaries of Washington Mutual to JPMorgan Chase, who now operates the banking branch at this location.

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