Colliers International South Florida procures foreign buyer and represents Tambone Companies in $22.3M sale of 2410 Metrocentre Boulevard
West Palm Beach, FL, August 20, 2018 – Following the strategic purchase of the former Lincoln College of Technology Campus at 2400 and 2410 Metrocentre Boulevard in 2017, new owner Tam Cat 45th St LLC has closed on the $22.3 million sale of 2410 Metrocentre Boulevard to international investor ICP Capital Partners. The Colliers International South Florida Capital Markets team of Kevin McCarthy and Bastian Laggerbauer transacted with Richard and Lori Tambone from Tambone Companies and Daniel Catalfumo from Catalfumo Companies in both deals, this time also procuring the buyer and coordinating with Colliers’ Debt & Equity Finance team to secure favorable financing for the new buyer.
The three-story, 66,770 square foot former specialty school property has recently undergone a complete transformation into an office building with Class A character. Substantial renovations with a brand new buildout were tailored to the needs of Belcan Engineering Group, the long-term single tenant, procured in conjunction with the 2017 acquisition. As their new regional headquarters, spanning more than 7 acres of land with I-95 frontage and boasting a well above-market 8/1,000 square-foot parking ratio (540 spaces), this asset offered a unique opportunity for Belcan Engineering as the long-term tenant, but also for ICP Capital to acquire more critical mass of valuable land with intrinsic value in the northern Palm Beach County market. 2410 Metrocentre Boulevard was previously a vacant special-purpose property that had served as home to Lincoln College of Technology until 2017.
“Tambone Companies had a vision when they acquired this property,” said Colliers Senior Vice President Kevin McCarthy. “By refurbishing and reinstitutionalizing this asset, Tambone empowered our Colliers team to successfully reposition 2410 Metrocentre Boulevard in the marketplace and achieve significant value through the sale.”
For Czech Republic-based ICP Capital Partners, the purchase represents their first acquisition in the United States and a concerted effort to diversify their current real estate investments from Central and Eastern European markets. With local ties to the region, the investors were seeking a stable South Florida asset with limited landlord involvement.
“Being based in Central Europe we were aiming for a geographical diversification of our portfolio. This acquisition helped in establishing and broadening local networking and connections for our firm.“ said Ondrej David, Partner in ICP. “This investment represents a reliable income on a long-term perspective with a solid tenant. We were searching for a deal with such attributes that would help us to start building our position on Florida commercial real estate market” said Marek Klaus, Partner in ICP.
“2410 Metrocentre has a high-credit, long-term single-tenant on an absolute triple-net lease. For a foreign investor like ICP Capital Partners, interested in entering a new market with a stable investment, having minimal landlord responsibilities, this is a great fit,” said Colliers Associate Bastian Laggerbauer. “Colliers was able to procure the Buyer and by collaborating with Colliers’ Debt & Equity Finance team, we were able to assist in securing an optimal financing structure that ultimately made this investment a reality,” he added, referencing the team of Michael Strober and Tripp Greene, who assisted ICP Capital in obtaining favorable financing.
“Our team was able to secure a $13,500,000 loan for ten-years at a fixed rate of 4.75%. The loan is interest only for the entire term. The terms were crucial to the deal as it helped ICP Capital maintain favorable returns on their investment,” said Colliers Executive Managing Director Michael Strober.
Positioned on a parcel with flexible zoning and direct frontage to I-95, the property is unique among the current inventory of West Palm Beach office buildings. Strong investor and tenant interest in West Palm Beach have poised the local economy for continued growth, as job growth, population and tourism continue to surge. Transformative projects such as The Brightline are estimated to create more than $164 million in economic impact for Palm Beach County through 2021 and more than 1,200 jobs in Palm Beach County.
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For further information, please contact:
Paola Iuspa-Abbott on behalf of Colliers International South Florida
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