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Multi-tenant office building in West Palm Beach sells for $13.9 million

Colliers | South Florida Investment Services Team closes on the sale of a three-story office building in Palm Beach County

WEST PALM BEACH, FL | October 22, 2021 – Colliers South Florida closed this week on the sale of Village Executive Offices, located at 560 Village Boulevard in West Palm Beach. Executive Managing Director Mark M. Rubin and Director Bastian Laggerbauer of Colliers | South Florida Investment Services Team represented the seller, North King Apartments LLC & Royal King Apartments LLC, in the transaction along with Shlomo Chelminsky from King Real Estate. Colliers Executive Managing Director Michael Falk represented the buyer in the deal. The building is currently 97% occupied and sold for $13.9 million.

“It was a unique opportunity for our team to execute a value-added plan that monetized the owner’s investment in a competitive market which resulted in multiple aggressive bids,” said Rubin.

The ±62,875 SF three-story multi-tenant office building is meticulously maintained and recently underwent over $880,000 in capital improvements. The property is surrounded by a variety of amenities, including downtown West Palm Beach, and is within minutes from I-95, Florida’s Turnpike, and North Federal Highway/US-1.

“With no deferred maintenance, a solid tenant base and a strong commercial location, 560 Village Boulevard established itself as a solid long-term investment vehicle in the West Palm Beach marketplace,” said Laggerbauer.

Palm Beach County is located within the South Florida metropolis, just north of Miami-Dade and Broward Counties. Together, the tri-county region is the eighth-most populous metro area in the nation and the largest in the State of Florida, recording over 6.2 million residents and accounting for over one-third of the state’s population. According to Fitch reports, Palm Beach County is recognized as one of the nation’s wealthiest counties, with per capita personal income levels nearly 50% higher than state and national averages and high ratings reflective of its diversifying economic base, sound financial position, and moderate debt levels. Furthermore, Palm Beach County is one of the nation’s leading tourist destinations offering white sand beaches, clear turquoise waters, and internationally acclaimed shopping, dining, and golfing venues that appeal to the masses. 


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Mark M. Rubin

Executive Managing Director

Boca Raton

I am an Executive Managing Director at Colliers International and senior member of the South Florida Investment Services Team primarily focused on the sales and leasing of commercial properties in South Florida.  For over 25 years I have successfully worked with clients to meet their commercial real estate needs. Whether buying, selling, leasing or financing real estate assets, I am consultative and client-centric, creatively structuring transactions and strategies to meet my client’s investment objectives. With involvement in over $2.5 billion of transactions across all asset classes, I have worked with investors of all types including institutional investors, high net worth private clients, developers and financial institutions in South Florida.

Prior to joining Colliers, I  served as a Principal of Avison Young and member of its Florida Capital Markets team. Prior to that, I  held senior leadership positions with Newmark Knight Frank, Amerivest Group, Savills Studley and JLL.

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Bastian Laggerbauer

Director

West Palm Beach

As a Director, my focus is primarily on investment sales and providing the highest level of service to my clients throughout the South Florida region. I am proficient in valuating assets of all property types and implementing financial analysis through Argus Enterprise and Excel. During my tenure at Colliers international, I have been involved in deals exceeding a combined value of $350 Million. I have also engaged in select landlord representation, which has only enhanced my experience and ability to fully valuate and transact both income-producing and distressed assets.

My professional accomplishments include researching and analyzing historic and current data for the retail, office and industrial sectors in each submarket and creating individual, detailed reports for all three sectors in the tri-county area of South Florida.  I also earned my Argus Enterprise certification to further enhance my skills, while earning my Bachelor’s Degree in International Business from Northwood University in 2015 and my Master of Science in International Real Estate from Florida International University in 2016. 

I was born in Munich, Germany, where I have family ties to Colliers International. My family founded the Munich office and I subsequently completed an internship before moving to the USA. My time in the Munich office only made me eager to further my experience in the industry and drove my decision to move to Florida to pursue my degrees, while working in the Palm Beach Gardens office. 

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Jennifer Eubanks

Client Services Specialist

Fort Lauderdale

As a Client Services Specialist on the South Florida Capital Markets team, I provide marketing support to enhance the team’s service offering to the marketplace. Our team specializes in office, industrial, and land investment sales, with expertise in investments, build-to-suits and land.

The team includes Warren Weiser, Vice Chairman; Mark M. Rubin, Executive Managing Director; Harry Blyden, Executive Director; and Bastian Laggerbauer, Director.

I assist in developing innovative marketing strategies for each client and property, including print and digital marketing. In support of business development, I prepare highly effective listing proposals, presentations, offering memorandums and property brochures. I also coordinate with research and GIS to develop demographic maps, market intelligence and research data to market properties and aid tenants in making strategic location decisions.

As a results-driven professional, I recognize the value of a collaborative environment and strong relationships to support the success of the team and its clients. I am committed to being highly responsive and keeping all parties fully informed throughout the marketing process.

Prior to joining Colliers, I was a marketing coordinator for Capital Markets, Industrial Services, and Occupier Solutions with Avison Young in Fort Lauderdale, providing marketing and sales support to office and industrial brokers.

My experience includes more than 13 years in commercial real estate marketing working across all asset classes, 6 years in real estate law and 2 years in video production.

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