Capstone has paid $19.35m for a class A office building in West Palm Beach, Florida. The seller was Miami-based Breakers Capital. The 11-story 113,964 sq ft building was 89 percent occupied at the time of the sale. Tenants include the Internal Revenue Service, Valley National Bank, Uniters North America and Comcast Spotlight. The deal was completed with a $18.4m acquisition loan arranged by Cushman & Wakefield from Blue Vista Finance.
āThe building is a best-in-class asset and offers Capstone upside potential given the ideal combination of positive market fundamentals, rapid nearby development and potential for a complete property rebranding in one of South Floridaās most exciting cities,ā said Scott OāDonnell of Cushman & Wakefield.
