August 20, 2014
220 Congress Park Drive Sold
Atlantic Creek Real Estate Partners, LLC (“Atlantic Creek”) is pleased to announce the sale of 220 Congress Park Drive, a Class B+ office building located in Delray Beach, Palm Beach County, FL.
The 54,000 sf office building was originally purchased in April 2012 by and affiliate of Atlantic Creek and it JV partner Grover & Corlew. The transaction closed on August 20, 2014 and at the time of sale, the property was approximately 97 percent leased, representing in excess of a 76 percent increase over the approximate 53 percent occupancy at the time of acquisition in April, 2012.
The property is located on Congress Avenue, southwest of the I-95 exit at Atlantic Avenue, within 25 miles of West Palm Beach and Boca Raton, Florida. The property has convenient access to I-95 and the Florida Turnpike which serves as the primary north/south transportation arteries throughout South Florida and a Tri-Rail station is located across the street.
Atlantic Creek, with offices in New York, NY, Palm Beach, FL, and Los Angeles, CA, targets direct and joint venture investments in opportunistic and value add office, retail, and multi-family commercial real estate primarily located on the East and West Coasts of the U.S., Texas and other select U.S. markets.
For further information on new acquisitions and joint venture opportunities, please contact Joshua Schwalbe, Senior Vice President, in our New York, NY office at (212) 381-7617 or Jon Trucano, Senior Vice President, in our Palm Beach, FL office at (561) 275-7702.