Tricera Capital And New England Development Acquire West Palm Beach Office For $60.7M

An office property located at 250 South Australian Ave in West Palm Beach has been sold for a total of $60,700,000. The property spans a total of 220,000 square feet, resulting in a price per square foot of $276. The transaction took place on June 30, 2021, involving the buyer, Tricera Capital - Ben Mandell & Scott Sherman, New England Development - Douglass Karp, and Rockpoint Group. The seller in this deal was Velocis & CREC Capital. The sale was facilitated by JLL.

Summary of transation details

• Property Type: Office
• Transaction Amount: $60,700,000
• Date: June 30, 2021
• Address: 250 South Australian Ave
• Market: West Palm Beach
• Buyer: Tricera Capital - Ben Mandell & Scott Sherman; New England Development - Douglass Karp; Rockpoint Group
• Seller: Velocis & CREC Capital
• Broker: JLL
• Square Footage: 220,000
• Price Per Square Foot: $276

The sale of the office property at 250 South Australian Ave was a collaborative effort between several organizations. Tricera Capital - Ben Mandell & Scott Sherman, New England Development - Douglass Karp, and Rockpoint Group acted as the buyers in the transaction, while Velocis & CREC Capital served as the sellers. JLL played a crucial role in facilitating the deal.