WPB Office Building Trades for $23M
The new owner completed the acquisition with the assistance of CBRE’s advisory team and revealed plans for improvements at the property.
By Timea Papp
Courthouse Commons
CBRE has facilitated the sale of Courthouse Commons, a Class A, 85,668-square-foot office building in West Palm Beach, Fla. A joint venture between IP Capital Partners and Fir Tree Partners sold the asset to FoxRock Properties.
According to public records, the property traded for $22.8 million, while Citizens Bank provided $15.8 million in acquisition financing. Located at 444 W. Railroad Ave., Courthouse Commons features an on-site café with indoor and outdoor seating, as well as an attached five-story parking garage with a covered pedestrian skywalk providing direct access to the County Courthouse.
Upgrades ahead
The new owner revealed plans to include a 6,000-square-foot gym on the currently vacant first floor, as well as to bring in a breakfast/lunch tenant to the vacant space on the ground floor. Current tenants include General Services Administration, which occupies 34,921 square feet, and law firms Burlington & Rockenbach and U.S. Legal Support. Availability at the property will be around roughly 13,500 square feet, with spaces ranging from 2,000 to 5,568 square feet.
CBRE First Vice Presidents Kevin McCarthy and Kevin Probel represented the buyer in the transaction. Both professionals joined CBRE’s South Florida team in the summer of 2017.
Image courtesy of CBRE
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