HFF announces $30.7M sale and $22.84M financing of Class A office property along Worth Avenue in Palm Beach, Florida
MIAMI, FL – October 31, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $30.7 million sale of and the $22.84 million financing for 125 Worth Avenue, a 50,017-square-foot, Class A office property in Palm Beach, Florida.
The HFF investment advisory team represented the seller, Crocker Partners, LLC, and procured the buyer, Frisbie Group. Additionally, the HFF debt placement team worked on behalf of the buyer to secure the seven-year fixed-rate acquisition financing.
The property is located along Worth Avenue, also known as the “Rodeo Drive of Florida,” an elite shopping district featuring luxury retailers such as Cartier, Gucci, Neiman Marcus and Saks Fifth Avenue. Frisbie Group is acquiring the asset as part of their strategy to acquire prime, urban office and retail locations along Royal Poinciana Way and Worth Avenue. 125 Worth Avenue tenants include The Neiman Marcus Group, Branch Banking and Trust Company, UBS, and Ferretti Group.
The HFF investment advisory team that represented the seller included senior managing director Hermen Rodriguez, senior director Ike Ojala and director Tracey Goo.
The HFF debt placement team representing the buyer/borrower included director Maxx Carney, and associate Matthew McCormack.
About Crocker Partners
Headquartered in Boca Raton, Florida, Crocker Partners is a full service commercial real estate firm with wide ranging expertise in investment management including acquisitions, leasing, property management, capital markets, new construction and redevelopment. Targeting the southeast and southwest U.S. for compelling investment opportunities in high quality office and mixed-use properties, the company brings a disciplined approach, exceptional depth and market insight. Since 1993, the Crocker team has acquired and managed more than 120 properties, representing $6 billion invested and has completed dispositions valued at $4.5 billion.
About Frisbie Group
Frisbie Group, LLC is a private real estate investment firm based in Palm Beach, Florida, specializing in the revitalization of prime real estate assets across America's East Coast. The principals of Frisbie Group have over 100 years of combined experience identifying value-add opportunities in residential, multi-family, hospitality, office, and retail assets.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.