$20.5 million sale of West Palm Beach office complex closed by HFF
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $20.5 million sale of The Forum, a three-building, 278,367-square-foot office property in West Palm Beach, Florida.
HFF marketed the property on behalf of the seller, PRP Real Estate Investors and Panther Capital Management, LLC.
The Forum is located at 1655, 1665 and 1675 Palm Beach Lakes Boulevard at the intersection of Palm Beach Lakes Boulevard and Congress Avenue, one block east of Interstate 95. This “main and main” location is across the street from the newly opened Palm Beach Fashion Outlet Mall and has easy accessibility to the nearby amenities at CityPlace, Waterfront Commons, Downtown West Palm Beach and Worth Avenue. The Palm Beach International Airport is also within a 10-minute drive from the property. Most recently renovated in 2013, The Forum consists of three 10-story buildings and a four-story parking garage.
The HFF investment sales team representing the seller included director Ike Ojala, senior managing director Herman Rodriguez and associate director Jorge Portela.
“The Forum transaction continues the exciting renaissance of the Palm Beach Lakes corridor, which started with the completion of the Palm Beach Outlets adjacent to Forum and recent residential development in the area,” said Ojala. “We received strong interest from a broad pool of investors looking to take advantage of the marquis location and significant size of The Forum.”
ABOUT PRP, LLC
PRP, LLC is a specialized real estate opportunity fund manager and value-add investor serving institutional clients. PRP focuses on making investments in multifamily apartments, office and hospitality properties. Founded in 2005 by Paul Dougherty, PRP executes value add strategies and self-manages a national portfolio of multifamily properties on behalf of its institutional investors, family offices and financial institutions. PRP manages its investments through PRP, REM, its property management subsidiary which is solely focused on PRP’s portfolio of apartment properties.
PRP has a proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets along the east coast of the United States. Since its formation, the company has invested over $1.5 billion in assets in all property sectors. PRP is privately held by its founder and is headquartered in Washington, D.C. with regional offices throughout the east coast of the United States. For more information on PRP, please visit www.prprei.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.