West Palm Beach, FL – July 19, 2016 – CBRE arranged the sale of a single-tenant office property leased to national engineering powerhouse, Kimley-Horn and Associates. The buyer, Sentinel Acquisition Corp., purchased the property at 1920 Wekiva Way in West Palm Beach for $10.25 million. NL Ventures IX Wekiva, LLC, an investment sponsored by AIC Ventures, hired CBRE to market the asset for sale and negotiate the transaction.
The sale included a 40,254-square-foot, three-story office building on a 4.26-acre parcel located one block south of Okeechobee Boulevard on Wekiva Way, approximately two miles west of the Florida Turnpike and in close proximity to the executive offices for Palm Beach County’s Departments of Engineering, Public Works, and Planning, Zoning & Building. Okeechobee Boulevard is a major east/west commercial corridor with 55,000 vehicles per day connecting downtown West Palm Beach to the east with Royal Palm Beach to the west. Kimley-Horn has 13 years remaining on a 15-year absolute triple net (NNN) lease.
Todd Weintraub with CBRE’s South Florida Investment Properties team collaborated with Mark Drazek and Ray Romano of CBRE’s National Net Lease Property Group on this assignment.
“The Kimley-Horn investment opportunity offered numerous attractive attributes including a long-term, triple net lease and a strong tenant in Kimley-Horn that utilizes this location as its Florida headquarters,” said Mr. Weintraub, First Vice President with CBRE. “In addition, the tenant currently pays a below market rent in this highly desirable South Florida market, allowing for long-term upside revenue potential.”
“The competition for this asset was tremendous,” said Mr. Drazek, Senior Vice President, who leads CBRE’s National Net Lease Property Group for the state of Florida. “This is yet another prime example of the depth of demand for top quality single tenant assets, especially in South Florida.”
Based in Miami, Todd Weintraub is part of CBRE’s Investment Properties Group focusing on the disposition of multi-tenant shopping centers and single-tenant, net-leased investments in South Florida. Based in Orlando, Mark Drazek and Ray Romano are members of CBRE’s National Net Lease Property Group and lead the state of Florida.
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.
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.