CS Ventures’ Spencer Schlage and Rosemark’s Charles Rosenberg with 500 South Australian Avenue (LinkedIn, Rosemark, Google Maps)
CS Ventures scooped up Clearlake Plaza in West Palm Seashore for $35.9 million, marking the investment decision firm’s initially wager on the city’s office environment sector.
CS Ventures, a partnership concerning Spencer Schlager and Charles Rosenberg, acquired the 10-tale developing at 500 South Australian Avenue from a pair of entities led by Herbert Kahlert, in accordance to records. CS Ventures’ affiliate took out a $20 million personal loan tied to the properties from Northern Have faith in Organization.
Clearlake Plaza, designed in 1985 and renovated in 2018, is on a 1.4-acre large amount that involves a 650-vehicle garage, property records and LoopNet exhibit. The order also provided the close by .6-acre parking good deal at 500 Clearwater Park Street.
Both of those the making and the parking whole lot last traded in 2001 for $12.8 million, in accordance to documents.
Though this is CS Ventures’ debut in West Palm, the company is not new to the location. It has for years invested in Palm Seashore, wherever it has amassed 6 attributes, according to Schlager.
In April, CS Ventures scooped up a pair of place of work structures at 340 and 350 Royal Palm Way, alongside the ritzy town’s Bankers Row, for a put together $35 million. The partnership also dropped $38 million past calendar year for the setting up at 440 Royal Palm Way, also alongside Bankers Row.
The firm’s other holdings in Palm Seaside contain the office creating at 324 Royal Palm Way, procured for $18.5 million previous 12 months, documents present.
CS Ventures, fashioned in 2018, is based mostly in Palm Seaside. Rosenberg also is affiliated with New York-based Rosemark Management. The company is the Arthur G. Cohen Spouse and children Office’s expenditure manager and purchaser, and Rosenberg’s LinkedIn lists him as Rosemark’s handling associate.
West Palm has obtained a standing as a escalating office industry, fueled by businesses expanding or moving to the city. Downtown West Palm has been dubbed as “Wall Street South” in a nod to the inflow of monetary corporations.
Stephen Ross’ Related Companies is viewed as downtown West Palm’s most important office landlord, where by it owns the pair of Phillips Stage buildings, CityPlace Tower and a 50 %-stake in Esperanté Corporate Centre. Related also completed 360 Rosemary past 12 months and has two much more workplace structures on tap in downtown: 515 Fern and One particular Flagler.
CS Ventures’ new West Palm property is around a further of Ross’ holdings in the city, the Reflections place of work campus at 400 and 450 South Australian Avenue. Connected, together with companions Key Global and Wexford Serious Estate Traders, acquired the homes for $35 million in February.
The growth of West Palm as an place of work mecca has prompted many others to invest there, as properly. Babak Ebrahimzadeh’s Miami-based mostly Florida Mastermind wishes to create a 12-tale office developing with 150,000 sq. feet of area at 1545 Centrepark Generate North, exterior downtown West Palm.
