{"id":1004194218,"date":"2017-10-19T23:59:31","date_gmt":"2017-10-20T07:59:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004194218"},"modified":"2022-12-08T18:01:30","modified_gmt":"2022-12-09T02:01:30","slug":"palm-beach-office-building-commands-9m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/palm-beach-office-building-commands-9m\/","title":{"rendered":"Palm Beach Office Building Commands $9M"},"content":{"rendered":"<p>By Timea Papp<\/p>\n<div id=\"attachment_1004194219\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/231-palm.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004194219\" data-attachment-id=\"1004194219\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/palm-beach-office-building-commands-9m\/231-palm\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/231-palm.png\" data-orig-size=\"1241,931\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"231 Royal Palm Way\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;231 Royal Palm Way&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/231-palm.png?w=1024\" loading=\"lazy\" class=\"wp-image-1004194219 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/231-palm.png\" alt=\"231 Royal Palm Way\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/231-palm.png 1241w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/231-palm.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/231-palm.png?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/231-palm.png?resize=1024,768 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004194219\" class=\"wp-caption-text\">231 Royal Palm Way<\/p><\/div>\n<p>Cushman &amp; Wakefield brokered the sale of a freestanding office building in Palm Beach, Fla. 231 Royal Palm Way LLC sold the 11,576-square-foot asset to Primary Properties Inc., a subsidiary of Cranston, R.I.-based Procaccianti Properties in a $9.2 million deal, or $795 per square foot, public records show.<\/p>\n<p>Flagler Bank facilitated the transaction through $6.9 million in acquisition financing, scheduled to mature in October 2022. Located at 231 Royal Palm Way, the building was developed in 1973 on a 0.3-acre site and features on-site covered parking with 29 total spaces. The property was 67 percent occupied at the time of sale and its sole tenant was PNC Bank Private Wealth Management.<\/p>\n<h2>Prominent location<\/h2>\n<p>Senior Associate Michael Osiecki and Mark Pateman, managing principal for Palm Beach County, worked on behalf of the owner in the transaction. Earlier this year, Cushman &amp; Wakefield completed the sale of <a href=\"https:\/\/www.commercialsearch.com\/news\/cw-negotiates-sale-of-suburban-office-park\/\">Heathrow International Business Center<\/a>, a six-building office campus in suburban Orlando.<\/p>\n<p><em>\u201cThe sale of 231 Royal Palm Way at $795 per square foot exemplifies a real appetite for best-in-class office product on a supply constrained barrier island,\u201d<\/em> said Osiecki, in a prepared statement.<\/p>\n<p>The building last changed hands in December 2010 for $8.9 million, according to public records. Situated on Palm Beach\u2019s Banker\u2019s Row, it provides access to surrounding restaurants and shops along Worth Avenue, an upscale shopping and dining district stretching for blocks from Lake Worth to the Atlantic Ocean.<\/p>\n<p><em>Image courtesy\u00a0via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The C&amp;W team of Michael Osiecki and Mark Pateman represented the seller in the transaction, while Flagler Bank originated $6.9 million in acquisition financing.<\/p>\n","protected":false},"author":240,"featured_media":1004194219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,21742,21747],"tags":[32799,38009,38008],"class_list":["post-1004194218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-latest","category-office","tag-cushman-wakefield","tag-flagler-bank","tag-the-procaccianti-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Palm Beach Office Building Commands $9M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/palm-beach-office-building-commands-9m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Palm Beach Office Building Commands $9M\" \/>\n<meta property=\"og:description\" content=\"The C&amp;W team of Michael Osiecki and Mark Pateman represented the seller in the transaction, while Flagler Bank originated $6.9 million in acquisition financing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/palm-beach-office-building-commands-9m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-20T07:59:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:01:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/231-palm.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1241\" \/>\n\t<meta property=\"og:image:height\" content=\"931\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Timea-Erika Papp\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/palm-beach-office-building-commands-9m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/palm-beach-office-building-commands-9m\\\/\"},\"author\":{\"name\":\"Timea-Erika Papp\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/f58a713dcbdcb5aab2648af2aa04d6ae\"},\"headline\":\"Palm Beach Office Building Commands $9M\",\"datePublished\":\"2017-10-20T07:59:31+00:00\",\"dateModified\":\"2022-12-09T02:01:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/palm-beach-office-building-commands-9m\\\/\"},\"wordCount\":252,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/palm-beach-office-building-commands-9m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2017\\\/10\\\/231-palm.png\",\"keywords\":[\"Cushman &amp; 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