Cushman & Wakefield Arranges Sale of WPB Office Building
- Jun 03, 2019
Cushman & Wakefield has negotiated the sale of Commerce Pointe Gold, a 43,433-square-foot office building in West Palm Beach, Fla., on behalf of seller SF Partners. NAI/Merin Hunter Codman Inc. represented the buyer in the $8.5 million deal. According to Yardi Matrix data, the property previously changed hands in 2011 for $4.3 million.
Located at 1800 S. Australian Ave., Commerce Pointe Gold is adjacent to Interstate 95, within a 5-minute drive of downtown West Palm Beach, CityPlace and the new Brightline station. Palm Beach International Airport is also within a 5-minute drive of the asset. The four-story building was developed in 1986 on a 3.6-acre site, per Yardi Matrix data. SF Partners undertook ample renovations at Commerce Pointe Gold, driving occupancy up from 52 to 99 percent at the time of sale. The tenant roster includes Sasser, Cestero & Sasser, AEG Live SE, Law Offices of Craig Goldenfarb and Scuttina Real Estate Group.
The Cushman & Wakefield Capital Markets team of Scott O’Donnell, Greg Miller, Dominic Montazemi and Miguel Alcivar assisted the seller, while Jason Sundook and Neil Merin of NAI/Merin Hunter Codman Inc. represented the buyer.
Just 6 miles west of Commerce Pointe Gold, another office property traded a few days ago. A partnership led by Vanderbilt Office Properties acquired a 139,471-square-foot, two-building Class A asset for $40 million.