Dealmaker: West Palm Beach Offices Trade for $40M

A partnership including Vanderbilt Office Properties, Chicago, acquired two-building office property Emerald View at Vista Center in West Palm Beach, Fla. for $40 million.

KBS, Newport Beach, Calif., sold the Class A asset that had been part of the KBS Real Estate Investment Trust II Portfolio.

A CBRE Capital Markets team including Vice Chairman Christian Lee, Executive Vice President Jose Lobon, First Vice Presidents Kevin Probel and Kevin McCarthy and Financial Analyst Tyler Ploshnick represented KBS in the sale.

The 139,500-square-foot property occupies the northwest quadrant of the Florida Turnpike and Okeechobee Boulevard within the 500-acre Vista Center master-planned business park. Vista Center includes office, flex and industrial buildings as well as retail space and a hotel adjacent to Emerald Dunes Golf Club.

KBS Senior Vice President Allen Aldridge called West Palm Beach a growing market with “positive real estate dynamics.”

The property is one of a few buildings in the market designed to exceed hurricane requirements and provide 100 percent backup power for 25 days of “business as usual” continuous operations after an event. KBS also made several upgrades to the property during its ownership including constructing move-in-ready spec suites and improving common areas and the lobby.