Delray’s Redfearn Capital Acquires West Palm Beach Building for $17.9M

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A historic building in downtown West Palm Beach has changed hands for $17.9 million, or $550 per square foot, according to property records.

Redfearn Capital of Delray Beach has acquired 222 Clematis Street, a 32,564-square-foot mixed-use property at the southeast corner of Olive Avenue. Retail tenants include Starbucks, furniture store Design Within Reach and Rocco’s Tacos on the ground floor. The second floor is comprised of loft-style offices.

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The property last sold in 2015, when Atlas Real Estate Partners of New York picked it up for $10.4 million.

“We see West Palm as being under the radar,” Alex Foster, Atlas’ managing principal, said at the time. “We’re seeing more opportunity in Palm Beach County.”

Dominic Montazemi, Mike Ciadella, Scott O’Donnell, Greg Miller and Miguel Alcivar of Cushman & Wakefield represented Atlas in the latest transaction.

“As downtown West Palm Beach continues to add density through exciting new projects, we’re thrilled to see fresh new capital coming into the market and continuing the city’s evolution,” Montazemi said in a statement.

Recent changes in the city include a new streetscape project for Clematis Street and a flurry of new high-rise apartment buildings, downtown hotels and office buildings. Built in 1925, the property at 222 Clematis dates to South Florida’s land boom a century ago.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.