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CBRE Arranges $81M Sale of Fairway Office Center in Palm Beach Gardens
CBRE has facilitated the $81.2-million sale of the fee simple interest in Fairway Office Center in Palm Beach Gardens, FL on behalf of NAI MHC and a JV institutional investment manager.
The sellers were represented by Christian Lee, José Lobón Marcos Minaya and Tom Rappa with CBRE. The property’s leasing broker, Jason Sundook with NAI Merin Hunter Codman, also assisted.
The property was acquired by a joint venture of Parmenter Realty Partners and an affiliate of Prime Finance.
Fairway Office Center is comprised of three Class-A office buildings totaling 222,682 square feet on a 16-acre campus. The asset is 78% leased.
“These high-quality buildings benefit from excellent transit access, nearby amenities and the strong Palm Beach County leasing market. The migration of hedge funds and other financial services firms moving into the market drove nearly 250,000 square feet of new-to-market tenants in 2021,” said John Davidson, president and CEO of Parmenter Realty Partners.
- ◦Sale/Acquisition
