A four-building portfolio of West Palm Beach, Fla. office buildings has fetched $92.5 million. The seller is Apollo Real Estate Advisors, a New York City-based sponsor of real estate opportunity funds.
JP Morgan Fleming Asset Management bought the four buildings, which total 442,400 sq. ft. Occupancy ranges from 88% to 97% among the individual properties.
The buildings are 1400 Centrepark, 1400 Centrepark Blvd., the Bank of America Center at 625 North Flagler Dr. and 1601 Forum Place’s Centurion Tower.
“We felt the timing was right to complete this transaction, as these are desirable properties in a market that continues to experience strong growth,” says John Jacobsson, a managing partner at Apollo.
“This disposition continues Apollo’s goal of liquidating its second real estate investment fund by aggressively managing the sale process.”