An Affiliate of SF Partners Sold the 43,433-Square-Foot Office Building in West Palm Beach to Commerce Pointe Gold, LLC
WEST PALM BEACH, FL, June 3, 2019 — Cushman & Wakefield has negotiated the sale of Commerce Pointe Gold, a 43,433-square-foot office building in Palm Beach County.
The Cushman & Wakefield Capital Markets team of Scott O’Donnell, Greg Miller, Dominic Montazemi and Miguel Alcivar negotiated the sale on behalf of KAS Gold, LLC, an affiliate of Miami-based SF Partners. Commerce Pointe Gold, LLC acquired the building for $8.5 million ($196 per square foot) and was represented by Jason Sundook and Neil Merin of NAI/Merin Hunter Codman, Inc.
Commerce Pointe Gold was developed in 1986 on a ±2.8-acre campus at 1800 South Australian Ave. The four-story office building features a distinctive all-glass gold-colored exterior, ample parking and offers exceptional visibility along Interstate 95.
SF Partners implemented a significant capital improvement campaign at Commerce Pointe Gold during its seven-year ownership tenure. These enhancements helped drive occupancy from 52% to 99% at the time of sale. Notable tenants include the Law Offices of Craig Goldenfarb, Sasser, Cestero & Sasser, AEG Live SE and Scuttina Real Estate Group.
“With its strong occupancy and convenient location less than five minutes from downtown West Palm Beach, CityPlace and the new Brightline station, Commerce Pointe Gold offered investors the opportunity to acquire a high-quality office building at a substantial discount to replacement cost in one of South Florida’s most exciting cities,” said O’Donnell.
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Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.