Procaccianti Properties Buys Office In Palm Beach For $9.2M

The transaction involved an office building located at 231 Royal Palm Way, Palm Beach, FL, which was sold for $9,200,000. The property features a total area of 11,600 square feet and is situated in the Palm Beach market. The office space has a leasing rate of approximately $795 per square foot.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $9,200,000.00
• Address: 231 Royal Palm Way, Palm Beach, FL
• Market: Palm Beach
• Square Footage: 11,600
• Buyer: Procaccianti Properties
• Seller: 231 Royal Palm Way LLC, led by Raul Pinto Hernandez, Leticia Quintero Foyo, Axel Pinto Quintero, and David Pinto Quintero
• Seller's Representatives: Mark Pateman-Cushman & Wakefield, Michael Osieck-Cushman & Wakefield
• Leased: 67 percent leased to PNC Bank Private Wealth Management

The building was previously owned by a group associated with Intelligent Construction, a general contracting and construction management firm in Miami. The seller acquired the property in 2010 for $8.9 million. The area, known as "Banker’s Row," is recognized for being one of the most expensive office markets in the country, with average rents exceeding $50 per square foot annually.