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Bradford Allen Buys West Palm Beach Tower

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The transaction marks the company’s second office acquisition in South Florida. The post Bradford Allen Buys West Palm Beach Tower appeared first on Commercial Property Executive.

Bradford Allen Investment Advisors has acquired One Clearlake, an 18-story, 221,661-square-foot Class A office tower in downtown West Palm Beach, Fla.

One Clearlake, a Class A office tower at 250 S. Australian Ave. in West Palm Beach, Fla. — Bradford Allen Investment Advisors has acquired the One Clearlake office tower at 250 S. Australian Ave. in West Palm Beach, Fla. *Image courtesy of Bradford Allen Investment Advisors and Turnkey Media*

Neither the transaction’s dollar value nor the identity of the seller were disclosed, but information provided by CommercialEdge indicates that the previous owner was Tricera Capital, of Miami.

The tower is nearly 63 percent occupied, with national credit tenants including Truist Bank, Ideal Nutrition and Robert Half.

One Clearlake was built in 1986. Some upgrades were made last year, and Bradford Allen plans to invest a further $10 million to complete a full renovation of the property. These improvements include a new roof, renovated elevator system, state-of-the-art conference center, upgraded fitness center consistent with other Class A buildings and a reimagined tenant lounge and food service.

In addition, Bradford Allen plans to build four move-in-ready spec suites on one floor that will be ready for delivery by the fourth quarter.

One Clearlake is LEED Gold– and Energy Star–certified and features a five-story parking garage. The location at 250 S. Australian Ave. is close to I-95 and the West Palm Beach stations for Tri-Rail and Brightline rail service.

The Florida arm of CBRE’s National Office Partners, led by CBRE Vice Chairman Christian Lee and VP Sean Kelly, represented the seller. The CBRE team also included Senior VP Amy Julian, First VP Andrew Chilgren, Senior Associate Tom Rappa and Financial Analyst Matthew Lee.

Jon Blunk and Laurel Oswald of TCRE Corp. will handle leasing for the property.

The transaction is Bradford Allen’s second office acquisition in South Florida; the company purchased 350 and 450 E. Las Olas Blvd. in Fort Lauderdale in February.

Mostly good news for West Palm Beach

There is tremendous upside in repositioning One Clearlake for today’s market, Blunk, president of TCRE, commented in prepared remarks. Like other CBDs, the downtown West Palm Beach office market benefits from the flight-to-quality trend, having limited trophy space available even as the area experiences an influx of prominent employers.

The West Palm Beach office market started this year off well, with the first quarter of positive net absorption (36,600 square feet) after three straight quarters of negative absorption, according to a recent report from CBRE. Consistent with Blunk’s observation, Class A buildings drove this shift.

In addition, sublease availability continues to drop, and total vacancy decreased to 15.3 percent. Direct vacancy for Class A space was 17.4 percent, however, in large part because of two recent deliveries in the West Palm Beach CBD.

Last summer, Clark Construction Group topped out the nearly 400,000-square-foot first phase of Andretti Global’s new headquarters in Fishers, Ind., a $200 million project on which Bradford Allen is the master developer.

The post Bradford Allen Buys West Palm Beach Tower appeared first on Commercial Property Executive.