Allen Chelminsky Acquires Office Property In Palm Beach Gardens For $13.8M From Mr. Fa Park & Mr. Brian Lee

The property asset involved in the transaction is located at 8895 North Military Trail in Palm Beach Gardens. It is classified as an office asset encompassing a total square footage of 71,509. The sale of the property was completed for a transaction amount of $13,800,000, which translates to a price per square foot of $192.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $13,800,000
• Address: 8895 North Military Trail
• Market: Palm Beach Gardens
• Square Footage: 71,509
• Price per Square Foot: $192
• Buyer: Allen Chelminsky
• Seller: Mr. Fa Park & Mr. Brian Lee
• Broker: Benjamin Bruner & Jamen Storms - Bruner Group

Bruner Group represented 8895 North Military LLC in its previous acquisition of the property in 2021 for $11.6 million. The group successfully repositioned the asset by increasing occupancy from 50% to 95% before this transaction, and they have been retained as the leasing agent by the new owner. Financing for the transaction was provided by Locality Bank.