Marcus & Millichap announced the sale of The Galleria International, a 42,263-square-foot office property and adjacent 30,000 square-foot parking lot located at 301 Clematis Street and 300 Banyan Boulevard in West Palm Beach, according to Ryan Nee, First Vice President/District Manager of the firm’s Fort Lauderdale office.
The asset sold for $20,000,000.
“This transaction is indicative of the insatiable demand for high-quality assets and locations in downtown West Palm Beach primed for re-development and amplified by accelerated in-migration to the region partly as a result of newly formed trends brought on by the pandemic,” stated C. Todd Everett, First Vice President Investments, “Downtown West Palm Beach and Clematis Street are finally at the tipping point of critical mass needed to realize the City’s longtime vision of a 24-hour live, work, play environment.” Everett said.
Everett in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Galleria International, LLC and Safe Parking, LLC. The buyer, Clematis Banyan Investors, a limited partnership, was secured and represented by Scott Geller, an investment specialist in Marcus & Millichap’s New Jersey office.
The Galleria International and 300 Banyan are located in the heart of historic downtown West Palm Beach. The Property is a three-story building featuring prime high-street retail on the ground floor fronting both Clematis Street and Olive Avenue with professional offices on the second and third floors. The Buyer plans to gut renovate the interior and preserve the historic exterior of the existing building while creating a true Class “A” office experience with high ceilings and large windows. Plans for the parking lot include a 12-story, 100,000 square foot Class “A” office tower on top of structured parking.
