January 25, 2016
BlueGate Sells 205-221 Royal Palm Way
BlueGate Partners, LLC has arranged the sale of 205-221 Royal Palm Way to a partnership between Armata Holdings and two local families for $14 million. The building is a Class “A” multi-tenant office building anchored by JPMorgan Chase, and totals approximately 23,083 rentable square feet. The Property is located at the prime northwest corner of South County Road and Royal Palm Way (also known as “Bankers Row”) in Palm Beach, FL.
“This was an exceptional opportunity to acquire a trophy asset at the most desirable corner location in South Florida,” said BlueGate’s Senior Vice President Craig Callaway. “The buyer will be able to earn an attractive risk adjusted yield with a high quality anchor tenant.”
The Property is located on Royal Palm Way in the Town of Palm Beach, Florida nearly equidistant between the Atlantic Ocean and the Intracoastal Waterway and less than one mile from Downtown West Palm Beach. Palm Beach has long been a destination of the world’s wealthy and elite and as such Royal Palm Way, commonly called Bankers Row, is home to a number of the world’s most successful private banks (JP Morgan Chase, Citibank, Deutsche Bank, SunTrust, US Bank, Wells Fargo, PNC, Republic National, Sabadell Bank & Trust and Bank of America), and financial advisors (Morgan Stanley, U.S. Trust, Fidelity Investments, UBS, Northern Trust, Tiedman Wealth Management, Chilton Advisors and Bessemer Trust).
BlueGate is a boutique real estate investment banking firm with offices in New York and Palm Beach, and offers services in the areas of investment sales, portfolio and property financing, and debt and equity capital raising for real estate projects.