The newly completed property was sold for $3.25 million

CBRE Group, Inc. arranged the sale of a newly completed, two-tenant Tijuana Flats/Dunkin’ Donuts retail property located in West Palm Beach, FL. The buyer, Lanzarote Investments, LLC, purchased the property at 2087-2089 Palm Beach Lakes Boulevard for $3.25 million-approximately $813 per square foot. The seller of the property was RG WPB, LLC, an affiliate of Ross Realty who developed the property. 

“This highly desirable asset offered numerous investment attributes, including long-term leases with national tenants on a strong, high-traffic West Palm Beach retail corridor,” said Todd Weintraub, first vice president with CBRE’s Investment Properties Group. “This is yet another prime example of the depth of demand for high quality, retail assets across South Florida,” added Mr. Weintraub. 

Dunkin’ Donuts occupies 1,500 square feet and Tijuana Flats occupies 2,500 square feet of the new 4,000-square-foot property on a 0.2 acre site. The building is an outparcel to the 107,000-square-foot City Furniture/Ashley Furniture center and was recently completed by Ross Realty in 2016. The property has direct frontage to Palm Beach Lakes Boulevard, with a strong concentration of retailers and restaurants, and is immediately west of Interstate 95.

Based in Miami, Todd Weintraub is part of CBRE’s Investment Property Group, focusing on the sale of multi-tenant shopping centers and single-tenant net-leased investments. 

Ross Realty Investments, Inc. is a 35 year old South Florida based commercial real estate firm that is actively involved in the acquisition, development, management, and leasing of shopping centers, office buildings and net leases.

About CBRE Group, Inc. 

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.