Chicago Investors Buy Adjacent Palm Beach Office Buildings

Two California companies with equal interest in two adjacent Palm Beach office buildings sold the properties to a Chicago real estate company for almost $22 million.
SCM Royal Palm Investors LLC, part of the private equity firm Somera Capital Management LLC in Santa Barbara, and Zelman Renton LLC, a Los Angeles-based real estate developer, each held a 47.5 percent interest in the adjacent properties of 340 and 350 Royal Palm Way in Palm Beach. A third entity, Royal Palm Realty Partners LLC, held a 5 percent stake.
The properties were sold to 340-350 Royal Palm LLC, with an agent address in Chicago, according to Palm Beach County property records posted Wednesday.
The address of the buyer is the headquarters of Pearlmark Real Estate Partners LLC, a private equity real estate investment firm with offices in Denver and New York. The company reports it has more than $12 billion in investments in more than 500 office, industrial, retail, multifamily and mezzanine loans nationwide.
Each multi-story office building sits on a lot slightly less than a half acre. A Deutsche Bank branch is the anchor tenant at 350 Royal Palm Way. The three-story 340 Royal Palm Way property, known as the Morgan Keegan Building, is a 20,813 square foot, Class A office building that is home to numerous professional firms.
The county appraiser had the 2012 market values listed at a combined $13.5 million.
 
Source:  DBR