Former Douglas Entrance Owner Pays $52 Million For WPB Mixed-Use Property

Jan 05, 2015 No Comments by

A New York REIT has made another multimillion-dollar play for a piece of prime South Florida commercial real estate.

Colonnade Properties LLC, former owner of Coral Gables’ iconic Douglas Entrance complex, paid $52.1 million for a highly visible Class A, mixed-use site on one of downtown West Palm Beach’s busiest intersections.

It scooped up more than 48,000 square feet of office and retail space in a mixed-used tower built in 2001 at 101 N. Clematis St., at the intersection of Clematis and Flagler Drive, plus a small 0.1-acre parcel zoned for retail, office and residential uses, and a 106,534-square-foot office building on about 0.45 acres at 1 N. Clematis St.

The property last sold in April 2004 for just over $43.3 million to CF West Palm Office LP, which made a 20 percent premium, or about $8.7 million, on the sale to Colonnade Clematis LLC.

The acquisition was the latest for the diversified New York-based REIT whose growth strategy centers on leveraging joint ventures to invest in live-work-play concepts that mix retail, office and residential offerings. The firm has acquired, managed, redeveloped and stabilized 11 million square feet of office, and owns a portfolio of multifamily, retail properties and other commercial space in Alabama, Florida, Georgia, Mississippi, North and South Carolina, Tennessee, Texas and Virginia.

It has a market capitalization of about $3.4 billion, and manages or leases 22,400 apartment units, 6.8 million square feet of office space and 15.7 million square feet of retail. It also grabbed headlines in 2001 for the $60 million purchase of Douglas Entrance, one of the biggest transactions that year in Miami-Dade County.

This time, the acquisition is in the heart of downtown of West Palm Beach’s bustling high-end retail, financial and entertainment districts, close to the City Hall, the county courthouse, government center and Palm Beach County Convention Center.

 

Source: DBR

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Industry News, NA, Office, Palm Beach County Office, Palm Beach County Retail, Retail
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