A joint venture recently closed on a $32.5 million deal for the purchase of the EcoPlex office building in West Palm Beach, the group announced.
West Palm Beach-based MHCommercial Real Estate Fund II, composed of NAI and New York City-based Waterfall Asset Management, purchased the 100,525-square-foot office property, located at 1641 Worthington Road, from Navarro Lowrey Properties.
The Centrepark Office District was developed by Navarro in 2008 with one of the first LEED Gold Certifications in Florida. It was 87 percent leased at the time of the sale.
The joint venture, also known as MHCREF, made the purchase after the success of an earlier acquisition in Golden Bear Plaza in Palm Beach Gardens in May 2020.
They received $24 million in financing from LoanCore Capital for the acquisition, with Steve Kay and JP Kost of LoanCore structuring the financing.
“The MHCREF team brings a deep bench of talent to our partnership along with a long history of operating within the West Palm Beach market,” Patti Unti, managing director at Waterfall, said in a statement. “The EcoPlex project offers a differentiated office approach to a sub-market we believe is well positioned for future growth.”
Elizabeth Jones and John Strickroot of the Shutts & Bowen law firm represented the joint venture. Navarro Lowrey Properties did not immediately respond to a request for comment.
The joint venture plans to acquire between $200 million and $250 million in assets throughout the Southeast over the course of the next 18 to 24 months and has already purchased up to $115 million worth of property since its creation.
Able to withstand a Category 4 hurricane, EcoPlex is equipped with three generators that have above-ground diesel fuel tanks and a rainwater recycling system.
Mark Hallum can be reached at email@example.com.