Greg Miller, Scott O'Donnell, Dominic Montazemi, Mike Ciadella and Miguel Alcivar represented the sellers, KAS Brandywine LLC and KAS Hags CUP LLC, in the transaction. Palm Beach Business Center GP, represented by John DeMarco of ReMax 5 Star Realty, acquired the property.
“The property offered an opportunity to acquire a strategically located, boutique office building and restaurant proximate to the West Palm Beach CBD but at a far more economically advantaged rental value vis-à-vis the CBD while still providing the benefits of a strong amenity base and growing population,” Miller said. “In spite of the current economic environment, our team was able to pair a motivated investor with the unique opportunity to capitalize on an office/retail property located less than one mile west of Interstate 95.”
Miami-based KAS Partners specializes in acquiring suburban office properties throughout the Southeast. The company acquired the property in 2016 and increased occupancy with a very strong and favorable tenant mix.
Located at 580 and 600 Village Boulevard, the property includes a three-story, 60,854-square-foot office building and a 9,100-square-foot restaurant outparcel. Notable office tenants include Divine Blalock Martin Sellari LLC, Renegades Country Western Bar, Online Trading Academy, Landcastle Title Group and DBA Trident Title.