David Birnbaum Of Griffis Residential Acquires Mixed-Use Asset In West Palm Beach For $87M

A mixed-use property located at 345 Banyan Boulevard in West Palm Beach has been sold. The transaction was finalized for a total of $87,000,000. The asset consists of 223 units spread across 220,588 square feet, resulting in a price per unit of $390,135 and a price per square foot of $394.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $87,000,000
• Buyer: David Birnbaum - Griffis Residential
• Seller: Timothy J. Gerend - Northwestern Mutual; Mike Underwood - Woodfield Development
• Lender: JLL Real Estate Capital
• Units: 223
• Square Footage: 220,588
• Price Per Unit: $390,135
• Price Per Square Foot: $394

The buyer, David Birnbaum representing Griffis Residential, acquired the property from a joint venture consisting of Timothy J. Gerend and Mike Underwood, who represented Northwestern Mutual and Woodfield Development, respectively. The financing for the acquisition was secured through a loan amounting to $57.74 million from JLL Real Estate Capital. Additionally, the 15-story property has been renamed Griffis West Palm, and includes 3,132 square feet of retail space.