Crocker Fund Sells Palm Beach Office Asset
Kinsale Partners acquired the 27,600-square-foot building, which was 62 percent occupied at the time of sale. HFF represented the seller.
By Razvan Cimpean
400 Royal Palm Way in Palm Beach, Fla.
Crocker Fund IV has sold a 27,600-square-foot boutique office building in Palm Beach, Fla., to Kinsale Partners. The asset, which was 62 percent leased at the time of sale, changed hands for $14.8 million.
The four-story property is located at 400 Royal Palm Way, along the Bankers’ Row corridor, about five miles from Palm Beach International Airport and Interstate 95. Completed in 1966, the asset underwent renovations in 2014. Tenants include The Corcoran Group, Palm Beach Daily News and Vatera Holdings. The building offers easy access to multiple bus stations, restaurants, shops and hotels, including Renato’s, Bice and The Chesterfield Palm Beach.
HFF Senior Managing Director Hermen Rodriguez, Senior Director Ike Ojala and Director Tracey Goo negotiated the deal on behalf of the seller. Last November, the HFF team also brokered the sale of a 50,000-square-foot Palm Beach office building.
“The Island of Palm Beach attracts high net worth residents from all over the world and high-quality firms that provide legal and financial services,” Rodriguez said in a prepared statement.
Image via Google Street View
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