The Breakers Palm Beach Acquires Shuttered PNC Bank Building In Palm Beach For $9.3M

The Breakers Palm Beach has expanded its real estate portfolio with the purchase of a shuttered PNC Bank building in Palm Beach. The property, located at 245 Royal Poinciana Way, was acquired for a total of $9.3 million. Situated within walking distance of the resort and other Breakers-owned properties, this 2,778 square foot retail asset on 0.5 acres offers a strategic location on the area's main street.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $9,300,000
• Address: 245 Royal Poinciana Way, Palm Beach
• Market: Palm Beach
• Acres: 0.5

The Breakers Palm Beach President, Paul Leone, led the acquisition of the PNC Bank building, along with two other executives. The transaction was facilitated by an entity managed by Paul Leone and sister company, Flagler System Management. With its close proximity to the resort and other Breakers-owned properties, this purchase is expected to contribute to the revitalization of the area's main street. The acquisition highlights The Breakers Palm Beach's commitment to expanding its real estate portfolio and investing in strategic assets.