Palm Beach Gardens is trading in an office building for $ 17 million
Real estate investment giant TA Realty sold Gardens Pointe, anchored to Merrill Lynch, for $ 16.8 million.
Sunnyfield South purchased the property at 3507 Kyoto Gardens Drive in Palm Beach Gardens, according to a statement from one of the brokers.
Sunnyfield South is affiliated with Fort Lauderdale-based Levy Realty Advisors and is also managed by David Dimston and Amy Berko Illes, according to company records in Florida.
She secured a $ 9 million acquisition loan through Principal Life.
Scott O’Donnell and Mike Ciadella of Cushman & Wakefield represented the seller. Jason Hochman and Ron Granite, also of Cushman, provided the buyer’s financing.
Alan Levy of Levy Realty Advisors represented the buyer.
The deal for the 34,867 square foot building breaks down at $ 482 per square foot.
The four-story building was constructed in 2009, and the property includes a 60-space car park, according to Loopnet. TA bought the building for $ 11 million in 2010, according to property records.
Gardens Pointe was 95% leased at the time of the sale, with tenants including KeyBank, the statement said.
Founded in 1982, Boston-based TA Realty has managed, purchased and invested in more than $ 30 billion in real estate on behalf of domestic and international institutional investors and other clients, according to its website. TA’s managing partners are James Buckingham, Michael Haggerty and James Raisides.
Its investments span asset classes across the United States, including South Florida, where TA bought a Hialeah Gardens warehouse in April for $ 26 million.
The South Florida office market is showing mixed signals as it emerges from remote working during the pandemic. While vacancy rates in the area remained relatively high, at around 10% in the third quarter, landlords raised rents in hopes of positive net absorption and an influx of outside business.
In Palm Beach County, the third-quarter vacancy rate was 9.7%, down 0.3 percentage points from the same period last year, according to a report from Colliers. At the same time, the average asking rent reached $ 36.65 per square foot, up 11 cents from the previous quarter.