Investment Partnership Nets Two Office Buildings in West Palm Beach

Three real estate investment firms purchased the properties

Wexford Real Estate Investors (WREI), Related Companies and Key International formed a partnership to acquire two Class-B office buildings in downtown West Palm Beach. The buildings, located at 400 and 450 S. Australian Avenue, are each 60,000 square feet with a half-acre auxiliary parking lot.

โ€œWe are honored to partner with two great organizations and this acquisition gives our firm another exciting project in our quickly growing backyard of Downtown West Palm Beach,โ€ Joseph Jacobs says, president of WREI.

The property is near I-95 and close to the proposed University of Florida graduate campus in downtown West Palm Beach. The Square, an open-air shopping, dining and entertainment complex developed and managed by Related Companies since 2000, is located within one mile of the buildings.

โ€œWeโ€™re looking forward to expanding our footprint to West Palm Beach as the local economy experiences a boom and the demand for dynamic commercial offerings in the area increases,โ€ Michael Vassilaros says, Chief Investment Officer of Key International.

According to a recent report published by the Business Development Board of Palm Beach County, Palm Beach Countyโ€™s unemployment rate in November 2021 stood at 3.5%, compared to Floridaโ€™s 3.6% and the rest of the United States at 3.9%. During the five-year period ending December 2020, Palm Beach Countyโ€™s population grew 5.8% as compared to the rest of the country, which grew less than 3.5% during the same period. Palm Beach County is expected to grow an additional 7.2% over the next five years. The large gap between the countyโ€™s population growth and the rest of the country speaks volumes about why Palm Beach County is ripe for real estate investment opportunities.

โ€œDowntown West Palm Beach has emerged as the center of commerce in the Southeast and we remain bullish on the unprecedented growth,โ€ Gopal Rajegowda says, Partner at Related Southeast. โ€œWe look forward to the continued transformation of Downtown alongside such respected partners as WREI and Key International with our newest acquisition.โ€

SFBW Staff
sfbw@lmgfl.com
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