Palm Beach County Office/Retail Property Changes Hands

CBRE arranged the sale of Intracoastal Professional Plaza, a 46,000-square-foot Class B office/retail property at 155 East Blue Heron Boulevard in Riviera Beach.
John Beeson of Beeson Properties in Houston, Texas, acquired the property from Intracoastal Professional, LLC for $4,091,000. CBRE represented the seller.
“Originally contracted to be a 1031 Exchange, the transaction cycle took longer than expected which ultimately led to a standardized sale,” said CBRE Vice President Anthony Librizzi, who represented the seller.  “The buyer is an experienced real estate investor with a track record of re-positioning assets through management and aggressive leasing. This is another example of private investors seeking well-located value-add opportunities with some vacancy to provide upside through lease up.”
Intracoastal Professional Plaza is a four-story office/retail building located just east of U.S. 1 at the foot of the Singer Island Bridge, conveniently accessible to I-95, the Port of Palm Beach and Downtown West Palm Beach.
The property was 72% leased at the time of sale. Major tenants include Comerica Bank and Autocricket Corporation.