The US Bank Building, which is located at 324 Royal Palm Way, has this month been sold by the limited liability firm that purchased it in foreclosure just over two years ago for a recorded figure of $12.35 million. The deed was recorded on Tuesday, dated 4th October, by the office of the Palm Beach County Clerk. A Florida limited liability firm, which is named after the address of the property and which is affiliated with the real estate investor Alexander Hufty Griswold from Palm Beach, is the new owner of the building, which features 25,068 square feet.
Griswold and his company Armata Holdings Management Corp are behind the firm, together with a number of individual investors and two family offices. Griswold says that the investor group includes a number of residents of Palm Beach in addition to others "who know this property very well".
RP/SR Royal Palm Way LLC was the seller; it a Delaware firm linked to New York private real estate investment firm SteepRock Capital LLC, as well as to the Boston-based real estate private equity company Rockpoint Group LLC. Griswold notes that his investment group sees the building as being a "long time, income producing" investment, which is in contrast to the sellers who bought and updated the distressed property in the hope of improving on its rate of occupancy in order to make it more attractive for the purpose of reselling it.
"I think it was an incredible opportunity at this price point," Griswold comments, pointing out that the real sales price ultimately worked out at $480 to $485 per square foot. "We see this asset as [a vehicle for] wealth preservation and cash flow." The managing partner of SteepRock Capital, Matthew Mitchell, described the deal as being good for both parties.
