Lake Worth offices fetch premium with $6.9M sale
Offices were owned by government healthcare agency
November 10, 2015 02:15PM
The Chase Bank Professional Center in Lake Worth and Marcus & Millichap agents Douglas Mandel and Todd Everett
The Chase Bank Professional Center in Lake Worth was just sold for $6.9 million, a cool $1.1 million premium from its last sale in 2009.
The four-story center, located at 2601 North 10th Avenue, houses roughly 94,222 square feet and occupies more than 8.8 acres of commercial land. It is leased primarily to the Health Care District of Palm Beach County and a Chase banking location.
A pair of West Palm Beach investors were named as the buyers: the building was acquired by 10th Avenue Partnership Ltd., a company linked to John Hoecker and Kent Wilmering.
Hoecker is the president of Jupiter Realty Company, a commercial investment firm he founded that focuses on Palm Beach County. Wilmering is also a commercial investor, and the co-founder of a renewable energy company called Go Sun and Wind.
The two purchased the property from the Health Care District of PBC, an independent special taxing district that provides healthcare for uninsured residents of the county. The district paid $5.8 million for 2601 North 10th Avenue in 2009 and used it as its headquarters.
Marcus & Millichap agents Douglas Mandel and Todd Everett brokered the deal. Mandel is a repeat player for this property, having brokered the last deal in 2009, when the district purchased the building from JPMorgan.
According to Marcus & Millichap, the deal was a sale-leaseback, meaning the district will keep its offices there as a lessee instead of a property owner. – Sean Stewart-Muniz
Source: The Real Deal