RETAIL BUILDING AND MCDONALDS GROUND LEASE PURCHASED FOR $2.6M
West Palm Beach, FL – November 21, 2011 – (RealEstateRama) — CBRE is pleased to have facilitated the $2.6 million acquisition of 9835-9847 Okeechobee Boulevard on behalf of the buyer, Okeechobee 9847 LLC. The purchase includes a long-term ground lease with a free-standing McDonalds and a vacant 3,750-square-foot retail building.
“This transaction reflects the significant demand for single-tenant investment grade properties with secure leases,” said William Strauss, Vice President with CBRE and member of the Private Capital Group in South Florida. Strauss provided representation services to the buyer, a locally-based private investor.
The seller, IBERIABANK represented themselves in the sale disposition. The bank had taken ownership of the property by way of foreclosure.
The vacant retail building was constructed in 2007 and is located adjacent to the Baywinds residential community at the northeast corner of Okeechobee Boulevard and State Road 7, a major intersection in Palm Beach County. Strauss indicated the buyer plans to lease the vacant retail building, adding long-term value to the property.
Strauss’s focus with the CBRE Private Capital Group is provided sales disposition services for retail properties from Vero Beach to Key West, he has successfully closed in excess of $1.0 billion in multi-tenant and single tenant retail investment sale transactions in South 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 firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 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 Web site at www.cbre.com.
Contact:
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
