The owner of the Palm Beach Outlets paid $10.2 million for an office building in Palm Beach.
New England Development bought the property at 223 Sunset Avenue from Richard and Ellen Rampell, records show. Richard Rampell is the managing principal of the accounting firm MBAF’s Palm Beach office.
New England Development paid $580 for the 17,561-square-foot property, according to records. The building was built in 1984 and sits next to a Publix.
The Rampells bought the property in 2004 for $5.5 million, records show.
In April, New England Development bought the Bradley Park Hotel in Palm Beach for $15.4 million. The 32-room hotel at 280 Sunset Avenue is just down the road from the company’s most recent acquisition.
The firm developed and manages the Palm Beach Outlets in West Palm Beach and the adjacent Marketplace at the Outlets. In Boston, it is part owner of the Taj Boston Hotel and developed the Westin Boston Waterfront Hotel.
Palm Beach is one of the wealthiest areas in South Florida. Commercial properties are able to command high prices due to the lack of land and demand from out-of-state investors.