Catalfumo Cos. sells office campus in WPB for $22.3M

2400 and 2410 Metrocentre Boulevard East

An entity tied to Catalfumo Companies just sold two former educational buildings in West Palm Beach for $22.3 million, after paying $15.75 million for the property about a year ago.

The 27,000-square-foot building at 2400 Metrocentre Boulevard East, formerly the Lincoln Culinary Institute, sold vacant, said listing broker Tom Burst of Colliers International South Florida.

The building directly adjacent to it, at 2410 Metrocentre Boulevard East, spans 65,770 square feet and is fully occupied by Belcan, an engineering company. The space formerly served as the campus for the Lincoln College of Technology.

The buyer, Metrocentre Property, LLC, is a company led by Ondrej David. Records show David financed the deal with a $13.5 million loan from JP Morgan Bank.

The selling entity, Tam-Cat 45th St, LLC, is led by Daniel Catalfumo and Richard Tambone of Tambone Investment Group. Tambone has a portfolio of real estate properties in South Florida, New Mexico and New England, according to its website. It has developed buildings for companies such as Sony, Motorola, Wartsila, Perrier and Wackenhut Corporation.

The partners bought the two-building complex last August for $15.75 million, meaning they flipped the property at a nearly 30 percent gain. The 2400 Metrocentre Boulevard East site can be redeveloped with a four-story office building of up to 80,000 square feet, according to marketing materials.

Office rents in South Florida are on the rise. In the West Palm Beach market, overall asking rents rose to about $57 per foot in the second quarter, according a recent report from Cushman & Wakefield.

from The Real Deal Miami https://therealdeal.com/miami/2018/08/20/catalfumo-cos-sells-office-campus-in-wpb-for-22-3m/
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