WEST PALM BEACH, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a Sweet Tomatoes (top left photo) ground lease, a 6,800 square-foot net leased property located in West Palm Beach, Florida, according to Spencer Yablon, Vice President/Regional Manager of the firm’s Philadelphia office.
The asset commanded a sales price of $1,935,000.
Matthew P. Gorman and Michael Shover of the Philadelphia office, along with Robert Granda in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from New Jersey. The buyer, a limited liability company from South Florida, was secured and represented by Gorman, Shover and Granda, as well as Douglas K. Mandel (top right photo) in Marcus & Millichap’s Ft. Lauderdale office. Kirk Felici (lower left photo), Broker of Record in the Florida office, assisted in closing this transaction.
“The single-tenant Sweet Tomatoes is located within a few hundred yards of the planned multi-million dollar redevelopment of the former Palm Beach Mall on Palm Beach Lakes Boulevard” said Gorman.
“This major redevelopment will positively change the local market with regards to employment and traffic counts, as well as reestablish this location as a main retail hub. The buyer was procured in less than a week and closed thirty days later. He was able to see the long-term upside in the real estate and moved quickly to take it down,” says Granda.
Situated immediately off Interstate-95, Sweet Tomatoes is located at 1900 Palm Beach Lakes Boulevard in West Palm Beach, FL. At closing it had 13 years remaining on a ground lease and provided rental increases every five years.
Press Contact:
Ashley Steele
Fort Lauderdale Office
954.245.3400
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