Dominic Montazemi, Scott O’Donnell, Greg Miller, Mark L. Pateman and Robert Klecinsky Negotiated the Disposition of 249 Royal Poinciana Way on Behalf of MD Ventures of Palm Beach
PALM BEACH, FL, May 22, 2018 — Cushman & Wakefield has negotiated the sale of 249 Royal Poinciana Way, an iconic, mixed-use property located in the heart of world-famous Palm Beach.
The Cushman & Wakefield Capital Markets team of Dominic Montazemi, Scott O’Donnell, Greg Miller, Mark L. Pateman and Robert Klecinsky represented MD Ventures of Palm Beach in the sale of the asset. West Palm Beach-based Armata Holdings acquired the 5,576-square-foot building for $3,968,000 ($712 per square foot).
249 Royal Poinciana Way was developed in 1922 on a ±0.14-acre site. The two-story building comprises 1,311 square feet of ground-floor retail and six recently renovated, second-story residential micro-units totaling 1,615 square feet.
The building was 95% occupied at the time of sale. Notable retail tenants include Grace Boutique, Lil Rapunzel’s and Peterbrooke Chocolatier.
The building’s location offers direct frontage on Royal Poinciana Way and enjoys tremendous foot traffic via its close proximity to well-known Palm Beach hotspots.
“The combination of high-street retail and residential offers significant upside in a market that continually benefits from a steady demand of tenants who are drawn to the beautiful weather, favorable tax environment, significant barriers to entry and unrivaled demographics in Palm Beach,” said Montazemi.
“The property’s location next to the brand new Royal Poinciana Palm Beach multifamily development offers tremendous value today for current retail tenants but also as a future redevelopment project,” added Montazemi.
The South Florida Commercial Team of O’Donnell, Montazemi, Miguel Alcivar, Miller and Jason Hochman has closed over $1 billion in sales and financing over the last two years. Please visit www.southfloridacommercialteam.com for more information about the team.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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249 Royal Poinciana Way Photo
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