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MHCommercial, Waterfall Asset Leap at $33M for West Palm Beach Office
CBRE has facilitated the $32.5-million sale of the fee simple interest in EcoPlex, a 100,525-square-foot office building in West Palm Beach, FL. Financing was provided by LoanCore.
A CBRE team of Christian Lee, Marcos Minaya and Tom Rappa, along with the property’s leasing broker Kevin Probel, represented seller Navarro Lowrey Properties.
The buyer is a JV between affiliates of West Palm Beach-based MHCommercial Real Estate Fund II and Waterfall Asset Management.
The 2008-constructed EcoPlex is 87% leased to tenants with five or more years of weighted average lease term. “An influx of new-to-market tenant activity in downtown West Palm Beach is putting tremendous upwards pressure on CBD market rents, causing the spread between CBD and Ecoplex rents to swell to nearly $35 per square foot,” said Lee. “As this trend continues, EcoPlex is perfectly positioned to capture tenants that are seeking value alternatives that still provide proximity to downtown West Palm Beach.”
- ◦Sale/Acquisition
