While most real estate transactions present a variety of matters to be dealt with, this is particularly true when one is involved in a commercial real estate transaction. This is due to many factors including securing financing, negotiating and drafting contacts and coordinating with others involved such as inspectors, appraisers and insurance companies.
A recent commercial real estate transaction in Palm Beach has been in the news. The transaction involved two buildings situated next to each other formerly owned by Bank of America. This is the second time that the most recent owners attempted to sell the properties. The first attempt was made in 2008.
The first building is the Chairmen's Club Building located on Sunrise Avenue. The second building on North County Road, houses a branch of Bank of America. The price paid for the two properties was about $6.028 million.
The Chairmen's Club Building boasts 15,560 square feet, and was built in 1986. The building housing the bank is older. It was constructed in 1950 and is reportedly 6,653 square feet.
Both buildings currently have tenants. The change in ownership is not expected to affect any of the current leases. In addition to the bank branch, a hair salon and hearing-aid store resides in the buildings. Two real estate agencies are also located in the Chairmen's Club Building.
According to the special warranty deed, recorded by the Palm Beach County Clerk's office, the purchaser of the properties is Tremont Partners. This a well known asset-management firm based in West Palm Beach.
Source: Palm Beach Daily News, "Bank of America sells two buildings at County, Sunrise for $6 million," Darrell Hofheinz, March 7, 2012
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