Property Address: 2005 Vista Parkway, West Palm Beach, FL
Buyer: Black Oak Partners, LLC, represented by Joseph Byrnes of Berger Commercial Realty
Seller: Design Arts of Palm Beach LLC
Sold For: $3,725,000
Property Description: 41,899-square-foot office building on four acres of land
FORT LAUDERDALE, Fla. (August 15, 2012) – Berger Commercial Realty Vice President Joseph Byrnes recently represented Black Oak Partners, LLC in the $3.725 million purchase of a 41,899-square-foot office building in West Palm Beach from Design Arts of Palm Beach LLC. Black Oak Partners assigned the exclusive lease listings for the building to Byrnes and Berger Commercial Realty Vice President of Property Management Tim Hackett was awarded the management assignment.
“Black Oak Partners recognized a great opportunity to buy an underperforming asset,” Byrnes said. “The Vista Center market in West Palm Beach is very strong.”
Byrnes negotiated a short sale between Black Oak Partners, Design Arts of Palm Beach and Everbank that closed within 30 days on July 31. The building, which was built in two phases during 2003 and 2006, is currently 50 percent occupied. It sits on four acres of land located at 2005 Vista Parkway.
Byrnes represents more than 800,000 square feet of office, industrial and retail space. He is a retail real estate specialist in the capacity of landlord and tenant representation. Hackett oversees the management of more than 4 million square feet of commercial properties in South Florida.
For any additional information, visit us at www.bergercommercial.com.