From left, Cushman & Wakefield Capital Markets senior associate Greg Miller, executive director Scott O'Donnell and senior director Jason Hochman, all in Boca Raton, as well as Colliers International executive managing director—industrial/office services Michael Falk in West Palm Beach. Courtesy photosCushman & Wakefield, Colliers International Partner on West Palm Beach Office Sale
The South Florida-based brokers closed the $12.35 million sale of the Northpoint Business Plaza.
January 14, 2020 at 01:36 PM
3 minute read
Cushman & Wakefield worked with a Colliers International duo to close the $12.35 million sale of a West Palm Beach office park.
The team based in South Florida sold the four-building Northpoint Business Plaza off Interstate 95 near the 45th Street interchange. The one-story buildings sit across 6.3 acres at 901 Northpoint Parkway.
Northpoint Investments Partnership LP sold the property to 901 Building LLC on Dec. 12, according to Palm Beach County deed records. The transaction breaks down to $155 per square foot.
Northpoint Investments appears affiliated with Jupiter-based Precise Property Management, according to state Division of Corporations records.
Seller Northpoint Investments was represented by Cushman & Wakefield capital markets senior associate Greg Miller, executive director Scott O'Donnell, director Miguel Alcivar and associate Michael Ciadella as well as by Colliers International industrial and office services executive managing director Michael Falk and executive director Scott Weprin.
Miller, O'Donnell, Ciadella and Hochman are based in Boca Raton, Alcivar is based in Miami, and Falk and Weprin are based in West Palm Beach.
Cushman and Wakefield equity, debt and structured finance group senior director Jason Hochman in Boca Raton represented the buyer in securing $7.4 million in acquisition financing from Citigroup Inc.
Northpoint Business Plaza is an older office product constructed in 1988 totaling 79,516 square feet.
Northpoint Investments bought the office park in 2014 for $4.8 million and implemented a capital improvement program, including refurbishing the suite interiors. This allowed the company to increase occupancy and up rents over the next couple of years.
The plaza was 97% occupied when sold. Tenants include the Healthy Mothers Healthy Babies Coalition of Palm Beach County Inc., construction contractor Kennedy Contractors Inc. and the Florida Department of Highway Safety.
"Tenants are attracted to Northpoint Business Plaza due to its efficient, single-story design, which keeps common area expenses to a minimum, providing one of the most cost-effective options in northern Palm Beach County," Cushman's Miller said in a news release.
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