CBRE arranged the sale of The Forum in West Palm Beach.
The 185,089 sq.ft. property, consisting of two multi-tenant office buildings and a four-story structured parking garage, is located at 1665 Palm Beach Lakes Blvd.
A subsidiary of Triarch Capital Group acquired the property for $22.5 million.
CBRE’s Miami-based Capital Markets team facilitated the sale on behalf of the seller, Crimson Peak and Panther Capital Management. Vice Chairman Christian Lee oversaw the transaction alongside Senior Vice President José Lobón and Vice President Amy Julian. The Capital Markets team representing the seller also included Financial Analysts Marcos Minaya and Joseph Chick.
Neil Merin of NAI/Merin Hunter Codman and Jonathan Kingsley of Colliers also worked on the transaction.
“The Forum features unparalleled connectivity to Interstate 95, great access to West Palm Beach’s major transportation hubs, the highest covered parking ratio among its peers and an unrivaled amenity base that includes an on-site hotel that will become the winter home to the Houston Astros,” said Christian Lee, vice chairman, CBRE Capital Markets.
Located a half mile east of Interstate 95, the property offers tremendous transportation dynamics–over half of South Florida’s 6 million residents live within a one-hour drive from the property. Additionally, the property is adjacent to the Palm Beach Outlet mall.
“The West Palm Beach submarket has seen five straight years of positive net absorption resulting in a 670-basis point decline in vacancy and 18% market rent growth,” commented José Lobón, Senior Vice President, CBRE Capital Markets. “Combined with a lack of any new office construction underway in the submarket, the outlook is positive for further vacancy decline and market rent growth.”
