New York-based Atlas Real Estate Partners is pleased to announce that it closed on 222 Clematis Street, a 32,564 sf retail/office property located on Clematis Street in downtown West Palm Beach. The acquisition was financed with a 10-year fixed-rate loan through UBS. The property is located at the corner of Clematis Street and South Olive Avenue, in the heart of West Palm’s entertainment and cultural district, as evidenced by the tenant roster including Design Within Reach, Rocco’s Tacos, and Starbucks.
There is an additional 5,000 sf available to lease. “We’re excited to own such a high-quality asset on Clematis Street, one of the best main streets in America. The 200 block is the hub of the vibrant downtown and we’re eager to attract tenants that add significant energy to the area” said Arvind Chary, Managing Principal at Atlas. “This acquisition was an excellent transaction for Atlas and its investors in that it perfectly fits our investment strategy of buying properties that generate strong cash-on-cash returns and that are located in growing markets.
The favorable macro trends of West Palm Beach including strong population growth and job growth, combined with a robust development pipeline and the influx of institutional capital, provide a positive long-term outlook on the market. We’re excited about the acquisition of 222 Clematis and believe it offers our investors excellent risk-adjusted returns with significant upside opportunities as the neighborhood continues to grow,” said Alex Foster, Managing Principal at Atlas. The acquisition is the sixth for the Atlas Florida platform. The platform will continue to target value-add multifamily, office, and retail assets throughout Florida, and is looking to grow the platform substantially in 2015.
