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| Palm Beach Post Building, 2751 South Dixie Highway, West Palm Beach, FL |
MIAMI, FL, March 4, 2019 – Holliday
Fenoglio Fowler, L.P. (HFF) announces $20.30 million in financing for the Palm
Beach Post mixed-use building totaling approximately 360,000 square feet in
West Palm Beach, Florida.
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| Scott Wadler |
The HFF team worked on behalf
of the borrower, Tricera Capital, to secure the 24-month, floating-rate loan
through Vaster Capital.
Loan proceeds are being used to close on the
off-market acquisition and reposition the asset.
The Palm Beach Post property,
located at 2751 South Dixie Highway, is situated at the corner of U.S.
Route 1 and Belvedere Road, both primary vehicular arteries in the market, and
minutes from the Palm Beach International Airport.
The versatile, mixed-use asset comprises three main
components, including ±230,000 square feet of office space across three
buildings; a ±120,000-square-foot warehouse building; and an additional
3.66-acre lot currently being utilized as surface parking.
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| Matthew McCormack |
HFF’s debt placement team
representing the borrower included senior director Scott Wadler and
associate Matthew McCormack.
“The vast wealth in the
neighboring island of Palm Beach has begun to swell west of the intracoastal
Waterway into Downtown West Palm Beach,” Wadler noted. “The Palm Beach
Post property will benefit from the evolution of the CBD, while still remaining
a value proposition relative to current office stock within the market.”
Scott Sherman, Co-Founder and Managing Principal of Tricera Capital
added, “We are pleased to expand our portfolio across South Florida with this
new acquisition and re-activate this amazing asset for the city and the Dixie
Highway corridor.”
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| Scott Sherman |
CONTACTS:
SCOTT WADLER
HFF Senior Director
(305) 421-6549
KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
www.vastercapital.com or
call 305-673-3011.
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