By Laura Calugar
Avison Young’s Florida Capital Markets Group has brokered the sale of The Atrium, a 37,392-square-foot corporate office building in West Palm Beach, Fla. Zaragon Inc. purchased the asset for $7.5 million. Avison Young procured the buyer within a month and a half of marketing the property.
Located at 5500 Village Blvd. between Congress Avenue and Military Trail, in the established North Point Office Park, The Atrium provides easy access to major throughways such as Interstate 95, Florida’s Turnpike and Federal Highway. Brightline, the high-speed train system that will connect Orlando to Miami, with stops in West Palm Beach and Fort Lauderdale, will also be nearby. Carrier Corp., a provider of heating, air-conditioning and refrigeration solutions, is the only tenant of the two-story office building, which the former owner renovated in 2016.
According to Avison Young’s Palm Beach County’s office market report for the first quarter of 2018, vacancy in North Palm Beach/Palm Beach Gardens is at 8.5 percent, making it one of the tightest submarkets in Palm Beach County. Demand in the area continues to be high due to the lack of new developments and positive absorption.
“The swift sale of this property reflects the high demand for quality investments we see in Palm Beach County, especially in tight suburban office submarkets such as North Palm Beach. With a long-term tenant in place, The Atrium saw healthy investor interest. After a competitive bid process, Zaragon purchased the property,” said Avison Young Principal David Duckworth, in a prepared statement.
Duckworth, together with Principals John Crotty and Michael Fay, facilitated the deal on behalf of the seller. Last year, Crotty and Fay also brokered the $36 million sale of a two-building office portfolio in Kendall, Fla.
Image courtesy of Avison Young