West Palm office buildings sell out of foreclosure for $7.5M

West Palm office buildings sell out of foreclosure for $7.5M

Wednesday, July 19, 2017

1601 Belevedere Road and Neil Merin

A pair of West Palm Beach office towers just sold out of foreclosure for $7.5 million to NAI/Merin Hunter Codman.

A commercial mortgage-backed securities trust sold Towers at 1601 Belvedere, a 101,730-square-foot office complex with two five-story buildings to the West Palm Beach-based real estate investment firm. The deal breaks down to about $74 per square foot.

Marcus & Millichap’s Douglas K. Mandel and C. Todd Everett represented the seller, Belvedere Investment Associates LLC. Mandel and Everett had previously marketed the property in 2013, when it faced foreclosure due to an outstanding $9.86 million mortgage from Wells Fargo.

The property previously sold for $9.9 million in November 2003. In 2005, it was appraised at $15.5 million but dropped to $6.8 million in 2013, property records show.

Everett said in a press release that the suburban office market is strong in Palm Beach County thanks to supply constraints and limited new development.

Last month, a CMBS trust sold the Concourse Towers, also in West Palm, to investors Carlos and Thomas Morrison for $13.8 million, or $92 per square foot. – Grace Guarnieri

Source: The Real Deal