Florida

WEST PALM BEACH, FLA. — A joint venture between Wexford Real Estate Investors, Related Cos. and Key International has acquired two office buildings in downtown West Palm Beach. The seller and sales price were not disclosed. The two buildings are each 60,000 square feet and have a half-acre auxiliary parking lot. Located at 400 and 450 S. Australian Ave., the office properties are located close to Interstate 95 and the proposed University of Florida graduate campus that is currently being planned. The two office buildings are also situated within one mile of The Square, the open-air shopping, dining and entertainment complex.

FORT LAUDERDALE, FLA. — CBRE has arranged the $7 million sale of a 42,442-square-foot office building in Fort Lauderdale known as the 5100 Building. The buyer, medical office user Hall Consolidated Group LLC, plans to eventually occupy the property. Benjamin Silver with CBRE represented the seller, an entity known as 5100 Realty LLC, in the transaction. The seller is an affiliate of Cambridge Security, the property’s anchor tenant that plans to eventually vacate the office building. Originally built in 1972, the four-story office building received several capital improvements last year, including a new roof, exterior waterproofing, lobby upgrades and the replacement of several air conditioning units. The buyer plans to make further improvements Located at 5100 N. Federal Highway, the property is situated close to the area’s largest medical provider, Holy Cross Hospital, a 557-bed healthcare facility. The property also has nearby access to Interstates 95, 441 and Florida Turnpike from East Commercial Boulevard.

TALLAHASSEE, FLA. — Avison Young has arranged the $13.6 million sale of City Centre, a seven-story, 168,677-square-foot trophy office building in Tallahassee. David Duckworth, John Crotty, Michael Fay and Brian de la Fé of Avison Young represented the buyer, the Simpson Organization. 888 Realty Investors was the seller. City Centre is 95 percent occupied by a mix of government-related and private-sector tenants. The previous owners completed more than $6 million in capital improvements, including on the property’s exterior and common areas over recent years. The asset includes a four-story parking structure. Located on 2.1 acres at 227 N. Bronough St., the property is situated less than a mile from Florida State University and 1.6 miles from Florida A&M University. The property is also located 6.5 miles from the Tallahassee International Airport.