Singer Island office asset sold to New York investor for $8 million – Business Observer
South Florida’s barrier islands are apparently no obstacle to investment prospects.
Gatsby Companies‘ Babak Ebrahimzadeh has spent $240 million on office assets in South Florida over the past three years and isn’t stopping there. The investor has just released an additional $8 million on the acquisition of Singer Island Enterprise Center at 2655 North Ocean Driveaccording Necklaces.
The investor has entered into the agreement for the acquisition of RJ Finlay & Co., which was represented by Colliers, on Thursday for the 45,198-square-foot office building in the center of Riviera Beach in the Northern Palm Beach County office submarket. Pre-pandemic occupancy was around 80-90% and is currently around 50%.
Bastien Laggerbauer and Marc Rubin of Colliers represented the seller in the matter.
“Singer Island has opened three new luxury condo projects in the last 12 months, so hopefully there will be a lot of movement to the island, more wealthy people coming and more money flowing into the area. “Laggerbauer told Commercial Observer. “There really is no competition, it’s the only office building on the island.”
Ebrahimsadeh also recently acquired the Delray Mall near Boca Raton for $30 million; DiVosta Towerstwo Class A office towers in Palm Beach Gardens for $80 million; 800 Brickels, a Class A office tower in Miami for $126 million; and a 1.2 acre site for $5.5 million for the development of a 12-story office building at Commerce Pointe Enterprise Center in West Palm Beach, according to Colliers.
Ebrahimsadeh did not immediately respond to a request for comment.
In terms of leasing, the Singer Island Corporate Center doesn’t have much competition, being one of the tallest office buildings of its quality on the island, according to Colliers. It was built in 1989 and will likely be repositioned under Ebrahimsadeh’s control, the brokerage said.
“The submarkets that would compete with this area…Not all of them have the greatest parking opportunity like the Singer Island Corporate Center,” Laggerbauer said of the multi-storey parking lot on 1.7 acres of land. adjacent.
The construction of more housing has brought more people to the island, which means that office space will be in greater demand than in the past.
Marc Hallum can be contacted at [email protected].