Royal Palm Beach, FL – March 14, 2016 – CBRE arranged the sale of Royal Palm Office Depot Center, a 30,500-square-foot retail center located at 101 S. State Road 7, Royal Palm Beach, Florida. Office Depot and Mattress Firm are long-term tenants that both recently extended their lease terms for 10 years. Uriel Investments LLC purchased the property for $7,500,000. The seller was 101 South State Road 7, LLC, affiliated with Baltimore-based Continental Realty Corporation, which hired CBRE to market the asset for sale and negotiate the transaction. This marks the second asset sold by CRC Fund III, L.P.
“The market for well-located, unanchored retail centers with strong national brand names continues to be robust and in high demand by investors,” said David J. Donnellan, Senior Vice President with CBRE. “There was substantial interest in the property from a variety of capital sources, both domestic and off-shore. The buyer is based in South America, continuing a trend of significant foreign investment in Southeast Florida.”
David Donnellan and Mark Drazek of CBRE managed the sale on behalf of the seller. Based in Fort Lauderdale, Donnellan is part of CBRE’s Investment Properties Group focusing on the disposition of multi-tenant shopping centers in South Florida. Drazek is based in Orlando and is part of CBRE’s NNN Leased Property Group. Alexandra Escudero of Fortune International Realty represented the Buyer.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue).The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.