{"id":1004233570,"date":"2018-06-05T05:11:32","date_gmt":"2018-06-05T13:11:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004233570"},"modified":"2022-12-09T01:10:56","modified_gmt":"2022-12-09T09:10:56","slug":"ay-closes-8m-sale-of-wpb-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ay-closes-8m-sale-of-wpb-office-asset\/","title":{"rendered":"AY Closes $8M Sale of WPB Office Asset"},"content":{"rendered":"<p>By Laura Calugar<\/p>\n<div id=\"attachment_1004233624\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/The-Atrium.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004233624\" data-attachment-id=\"1004233624\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ay-closes-8m-sale-of-wpb-office-asset\/the-atrium-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/The-Atrium.jpg\" data-orig-size=\"1200,899\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;5&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS REBEL T1i&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1515641863&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;50&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.000625&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"The Atrium\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/The-Atrium.jpg?w=1024\" class=\"wp-image-1004233624 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/The-Atrium.jpg\" alt=\"The Atrium \" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/The-Atrium.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/The-Atrium.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/The-Atrium.jpg?resize=768,575 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/The-Atrium.jpg?resize=1024,767 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004233624\" class=\"wp-caption-text\">The Atrium<\/p><\/div>\n<p>Avison Young\u2019s 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. &nbsp;<\/p>\n<p>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\u2019s Turnpike and Federal Highway. <a href=\"https:\/\/www.commercialsearch.com\/news\/how-brightline-tweaks-fort-lauderdales-business-community\/\">Brightline, the high-speed train system<\/a> 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.<\/p>\n<h2>Tight submarket<\/h2>\n<p>According to Avison Young\u2019s Palm Beach County\u2019s 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.<\/p>\n<p><em>\u201cThe 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,\u201d<\/em> said Avison Young Principal David Duckworth, in a prepared statement.<\/p>\n<p>Duckworth, together with Principals John Crotty and Michael Fay, facilitated the deal on behalf of the seller. Last year, Crotty and Fay also&nbsp;brokered the <a href=\"https:\/\/www.commercialsearch.com\/news\/keystone-nabs-miami-asset-in-sale-leaseback-deal\/\">$36 million sale of a two-building office portfolio<\/a> in Kendall, Fla.&nbsp;<\/p>\n<p><em>Image courtesy of Avison Young <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Carrier Corp. is the only tenant of the 37,392-square-foot The Atrium. The asset changed hands within 45 days of hitting the market.<\/p>\n","protected":false},"author":238,"featured_media":1004233624,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1492,21742,21747],"tags":[33022,36536,36537],"class_list":["post-1004233570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-miami","category-latest","category-office","tag-avison-young","tag-john-crotty","tag-michael-fay"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>AY Closes $8M Sale of WPB Office Asset - 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\/ay-closes-8m-sale-of-wpb-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AY Closes $8M Sale of WPB Office Asset\" \/>\n<meta property=\"og:description\" content=\"Carrier Corp. is the only tenant of the 37,392-square-foot The Atrium. 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