By Oscar Pedro Muslbay, via South Florida Business Journal
The recent sale of the 30,000-square-foot retail/office building at 314 Clematis St. in West Palm Beach signals a sign of growth for the area, according to CBRE.
The property was purchased by an affiliate of Boca Raton-based T-Rex Capital for $3.2 million, according to public records. The seller is an affiliate of Ram, which hired CBRE to market the asset for sale and negotiate the transaction.
“The historic district in Clematis Street has experienced many ups and downs over the years. The area is on the verge of revitalization and is reflected by a few recent sales including 314 Clematis Street as well as new tenant activity on the street,” said David Donnellan, First VP with CBRE, in a statement.
Donnellan was joined by Todd Weintraub in providing disposition services to the seller.
The two-story building was built in 1923 and renovated in 2005. The property is 93 percent occupied with the ground floor occupied entirely by a nightclub known as Off the Hookah, and a mix of office tenants on the second floor.
CBRE, led by Joshua Nolan and Anthony Librizzi of the Palm Beach Gardens office, has also been retained by the new owners to provide leasing services.