Asana Partners sold a portfolio of West Palm Beach warehouses repurposed into retail, restaurant and office space for $19.5 million. The deal comes as such South Florida commercial trades continue, despite higher interest rates.
Charlotte, North Carolina-based Asana sold seven one-story buildings at 1300, 1400, 1500 and 1220-1250 Elizabeth Avenue, as well as 1615 Clare Avenue to Palm Beach-based Armata Holdings, according to records and real estate database Vizzda. Armata, led by founder Alex Griswold, took out an $11 million loan from Citizens Bank.
The portfolio, known as the Warehouse District, spans a combined 72,400 square feet, with the buildings completed over time, including in 1925, 1948, 1950, 1968 and 1974, Vizzda records show. The properties are on a 3.4-acre site.
In 2018, Palm Beach-based Johnstone Capital Partners completed the redevelopment of the long-neglected warehouses, repurposing them into retail, dining and office space. Asana then bought the Warehouse District for $18.5 million later in 2018.
Tenants at the district include Steam Horse Brewing, Grandview Public Market, Gypsy Life Surf Shop and Palm Beach Squash Club.
Elevated interest rates, skyrocketing insurance and other economic headwinds have slowed commercial real estate deal activity, though shopping centers and retail properties have continued to trade.
This month, Diversified Realty sold the Shoppes at Monterra Commons in Cooper City for $18.5 million. Also this month, Palm Beach real estate investor Beverlee Raymond sold the Plaza at Royal Palm at 10299 Royal Palm Boulevard in Coral Springs for $20.4 million.