Investor Scoops Up Worth Avenue Building for $31M
The Frisbie Group pays about $614 per square foot for the office and retain building on Palm Beach's top retail strip.
October 31, 2017 at 04:43 PM
2 minute read
The Frisbie Group LLC is following its plan to buy Palm Beach property along tony Worth Avenue and Royal Poinciana Way with its latest acquisition.
The company bought the 50,000-square-foot office and retail building at 125 Worth Ave. for $30.7 million from Crocker Partners LLC, according to commercial real estate and capital markets services firm HFF. This puts the price at about $614 per square foot.
HFF played a dual role in the deal, representing Crocker Partners in the sale and the Frisbie Group in securing financing.
The HFF investment advisory team included senior managing director Hermen Rodriguez, senior director Ike Ojala and director Tracey Goo, all based in Miami.
The HFF debt placement team that worked to secure the $22.84 million, seven-year, fixed-rate financing included director Maxx Carney and associate Matthew McCormack, both based in Miami.
HFF said the purchase was part of a plan by the Frisbie Group, a Palm Beach-based real estate investor, to buy prime office and retail locations in Palm Beach.
Crocker Partners, a Boca Raton-based commercial real estate company, bought the building in October 2004 for $13.65 million, according to the Palm Beach County property appraiser's office. That represents a 125 percent gain in 13 years.
Current tenants include the Neiman Marcus Group, BB&T, UBS and yacht dealer Ferretti Group, according to HFF.
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