A single-tenant office property leased to Kimley-Horn and Associates has been bought by Sentinel Acquisition for $10.25 million. Located at 1920 Wekiva Way in West Palm Beach, the 40,254 sqf, three-story office building sits on a 4.26-acre site one block south of Okeechobee Boulevard on Wekiva Way. Kimley-Horn has 13 years remaining on a 15-year lease. CBRE was hired by the seller, AIC Ventures, to market the asset for sale and negotiate the transaction.
“The Kimley-Horn investment opportunity offered numerous attractive attributes including a long-term, triple net lease and a strong tenant in Kimley-Horn that utilizes this location as its Florida headquarters,” said Todd Weintraub, First Vice President with CBRE. “In addition, the tenant currently pays a below market rent in this highly desirable South Florida market, allowing for long-term upside revenue potential.”
