The Centrepark East and West office buildings in West Palm Beach has been purchased by a trio of investors for $65 million. New York-based Colonnade Properties and affiliates of Grace Development and Flagler Realty paid just over $135 per square foot for the 479,145 sqf of Class A asset. The properties are: 1400 and 1450 Centrepark Boulevard; 1475, 1720 and 1801 Centrepark Drive; 1661 Worthington Road; 2101, 2301 and 2400 Centrepark West Drive which are located in the mixed-use Centrepark corporate park. They were built between 1988 and 2004, on a 41 acre site and include a 10-story tower, three low-rise buildings and five single-story buildings. The asset was 82 percent leased at the time of the sale with tenants including including Ocwen Financial, SV Microwave, Conroy Simberg, Seacrest Services and Earthlink. The sellers, all entities controlled by JP Morgan, acquired the properties between 2006 and 2008 for a combined $109.25 million.
