Northpoint Business Plaza in West Palm Beach sold for $12.35 million, according to Cushman & Wakefield.
Northpoint Investments Partnership, managed by Samuel J. Cantor in Boca Raton, sold the 79,516 square feet of offices at 901 and 907 Northpoint Parkway to Miami-based ATCG LLC. Citibank provided a $7.4 million loan to the buyer.
The price equated to $155 a square foot.
Greg Miller, Scott O’Donnell, Miguel Alcivar and Michael Ciadella of Cushman & Wakefield, plus Michael Falk and Scott Weprin of Colliers International South Florida, represented the seller. Jason Hochman of Cushman & Wakefield arranged the financing.
The property last traded for $4.8 million in 2014 and was subsequently renovated. Northpoint Business Plaza was developed on the 6.3-acre site in 1988.
“Tenants are attracted to Northpoint Business Plaza due to its efficient, single-story design, which keeps common area expenses to a minimum, providing one of the most cost-effective options in northern Palm Beach County,” Miller said.
Cushman & Wakefield said the four office buildings are 96.7% occupied. Tenants include Healthy Mothers, Healthy Babies; Wood Environment & Infrastructure Solutions; Kennedy Contractors; and the Florida Department of Highway Safety.