BofA building sells for $23 million in WPB

share467A medical office building in downtown West Palm Beach is one step closer to being a reality.

The Bank of America Centre in West Palm Beach sold Oct. 14 for $23 million to a group that plans to bring medical offices to the waterview property, including Jupiter Medical Center and Mount Sinai Hospital of New York.

The 10-story, 110,000-square-foot office building overlooks the Intracoastal Waterway at 625 N. Flagler Drive.

Bank of America Centre

Bank of America Centre

Developer Michael McCloskey of FRI Investors is the buyer, along with Palm Beach investors Tom and Leslie Quick. They formed an entity called 625 Flagler Acquisition LLC, according to a deed recorded with the Palm Beach County clerk’s office.

The seller is EFN Flagler Property LLC, an entity owned by car dealer Ed Napleton, who bought it in 2014 and flipped it to Flagler Acquisition for about double what he paid.

Another bidder for the building confirmed the property’s note was sold for a price in excess of $11 million to Napleton, although the recorded deed shows a price of only $2.9 million.

McCloskey tried to bring the medical tenants to the city owned “tent site” on Okeechobee Boulevad and South Dixie Highway last year. The deal didn’t go through.

But medical tenants remain interested in catering to wealthy Palm Beach residents across the bridge. The Bank of America building is well-located to the island, next to the Flagler Memorial Bridge.

Even though the property is known as the Bank of America Centre, the bank no longer is in the building. Bank of America moved to the nearby Esperante office center this year.

Signs touting the incoming medical tenants are expected to rebrand the building.

 

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