Jeff Bernstein And Larry Elbaurm Acquire One Clearlake Office Tower In West Palm Beach For $45M

The property involved in this transaction is an office asset located at 250 South Australian Avenue in West Palm Beach. The sale price was $45,000,000 for a total square footage of 221,661, equating to a price per square foot of $203. The total acreage of the property is 2.9 acres, and it is currently 63% leased.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $45,000,000
• Address: 250 South Australian Avenue
• Market: West Palm Beach
• Square Footage: 221,661
• Price per Square Foot: $203
• Acreage: 2.9
• Buyer: Jeff Bernstein & Larry Elbaurm - Bradford Allen Investment Advisors
• Seller: Keith Gelb - Rockpoint Group; Ben Mandell - Tricera Capital; Ned Grace & Damien Barr - NDT Development; Stephen R. Karp & Douglass E. Karp - New England Development
• Brokers: Amy Julian, Andrew Chilgren, Christian Lee, Matthew Lee, Sean Kelly & Tom Rappa - CBRE

This transaction highlights the collaboration of multiple parties, including various brokers from CBRE who facilitated the deal. Notably, the buyer plans to invest an additional $10 million into renovations aimed at repositioning the asset to meet the growing demand for quality office space in the area.