By Robert Demeter
Miami–Continental Realty Corp., a Baltimore-based commercial real estate investment and management company, has announced the sale of Royal Palm Office Depot Center, a 30,500-square-foot retail center in Royal Palm Beach, for $7.5 million.
Continental Realty Corp. sold the property on behalf of CRC Fund III. David Donnellan and Mark Drazek of CBRE represented the seller, Continental Realty Corp., and Alexandra Escudero of Fortune International Realty represented the buyer, Uriel Investments LLC.
Continental Realty acquired the retail center situated on 3.19 acres at 101 South State Road 7 in 2011 and maintained it 100 percent leased with Office Depot and Mattress Firm. Both long-term tenants have been operating at the property for almost 15 years, recently extending their leases for another 10.
“The new owner acquired a strategically-located, fully-leased retail asset in a consistently growing and affluent section of Palm Beach. During our nearly five years of ownership, we significantly increased the value of the center by negotiating long-term leases with creditworthy tenants and maintaining the center in peak operating condition,” said David Donato, senior vice president, commercial division for Continental Realty Corp.
Continental Realty Corp., founded in 1960, is a privately-owned firm that owns and manages a diversified portfolio of retail centers consisting of more than three million square feet of space, as well as apartment communities featuring more than 8,000 apartment homes. Positioned throughout the Mid-Atlantic and Southeast regions, the value of the portfolio exceeds $1 billion.