West Palm Beach, Florida – Our news for the day is regarding Distressed Commercial Real Estate and NNN Lease Properties in Palm Beach County. We rarely find suitable Distressed Commercial Real Estate in Palm Beach County that makes sense financially. The area is in the western portion of West Palm Beach, Florida where we see much room for NNN Development in the future. However given the current economic downturn, we anticipate more Distressed Commercial Real Estate becoming available in 2012. Our neighboring City of West Palm Beach is in the beautiful southeastern portion of Florida. West Palm Beach was essentially the most populous city in Palm Beach County in the last reporting period. Also we enjoy Palm Beach County as it is your third most populous county in Sunny Florida.
Florida Distressed Commercial Real Estate For Sale
There was a recent sale of two Commercial Properties with one being a NNN Lease Property. One of the primary NNN Investments which our Net Lease Properties Investors are interested in are McDonald’s. One of the two Commercial properties in this transaction did have McDonalds as the primary tenant in the Net Leased Property. The freestanding Distressed Commercial Real Estate at 9847 Okeechobee Boulevard, in West Palm Beach, was being marketed recently for $1,000,000.
That Distressed Commercial Property has the Florida Zip Code of 33411. This property was a former retail net leased property and is now vacant. Given the neighboring Super Target and local net leased property tenants including McDonald’s, Wachovia Bank (now becoming Wells Fargo bank at most locations), Walgreens, SunTrust Bank as well as National City Bank. Also nearby is the Florida Insurance Company which gives free car insurance quotes as well as life insurance with estate planning solutions.
Net Leased Properties with quality Tenants
The second property is this transaction is a NNN Lease Property with McDonald’s as the tenant. The second Commercial Property is located at 9835 Okeechobee. The NNN Lease Property is approximately 4,009 square feet. This NNN Lease Property is attractive being that McDonalds has a long-term ground lease. Our research shows this NNN Leased Property was built in 2008 while the vacant distressed Commercial Real Estate was manufactured in 2007.
Selling Distressed Commercial Real Estate
The Seller was IBERIABANK (Iberia Bank) as they had to foreclose on these Commercial Properties. The former owner was a California Commercial Real Estate Developer. These two Commercial Properties were purchased together for $2.6 million. The Distressed Commercial Property has potential and the buyer should prosper. The Distressed Commercial Property buyer was recorded as Okeechobee 9847 LLC.
West Palm Beach Distressed Commercial Properties
Florida has had its share of Distressed Commercial Real Estate. Now we see the Distressed Commercial Property in West Palm Beach. The recent Commercial Property sale in this article is situated out near State road 7 off of Okeechobee Boulevard. For any investors not familiar with this area, you can drive east of this property and over the Bridge to arrive in Palm Beach, Florida. We also want to mention that many of the large banks had reported that they would postpone foreclosures during holiday season. Therefore you should be ready to contact us soon for Distressed Commercial Property for sale.
