Palm Beach office building brings $7M after selling last year for $5M

A Delaware-registered limited liability company bought the building at 231 Bradley Place, the deed recorded Tuesday shows.

An affiliate of the Frisbie Group real estate investment firm has sold a Palm Beach office building on Bradley Place for nearly $7 million, having bought it last year for about $4.9 million, courthouse records show. 

The building at 231 Bradley Place on the near North End changed hands privately via a deed recorded Tuesday. 

The buyer was Bradley Palm LLC, a Delaware-registered limited liability company with a mailing address in care of the Alley, Maass, Rogers and Lindsay law firm in Palm Beach. Because of Delaware’s strict corporate privacy laws, no other information about the buyer was immediately available in public records. 

Built in 1987, the building that just sold has 5,800 total square feet of office space, according to property records. Using that measurement, the buyer paid $1,200 per square foot. 

With a ground-level, 18-space parking garage, the building stands on the northeast corner of Everglade Avenue, about a third of a mile north of Royal Poinciana Way. The lot measures about a quarter of an acre.

Agents Franny Frisbie Criddle and Suzanne Frisbie of the Corcoran Group represented their family in the sale. Suzanne Frisbie, who also is a principal at Frisbie Group, confirmed their involvement but declined to discuss the transaction.

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The deed of sale was signed by Suzanne Frisbie’s husband, David W. Frisbie, as manager of the selling entity, Tack3 LLC, a Florida limited liability company. 

State business records show two other members of the Frisbie family are affiliated with the seller — Robert Frisbie Jr. and Cody Crowell. 

Broker Christian Angle of Christian Angle Real Estate confirmed he acted on behalf of the buyer but declined further comment.

A tenant directory at the building Tuesday listed five offices — one vacant — but it was unclear if the listing was current. The tenant list included The Burnap Foundation; the law firm Wiggin and Dana LLP with an office for attorney Veronica Bauer; and an office for attorney Lenne A. Gapstur. 

Also on the directory was 200 Bradley Place LLC, the company that sold the building in April 2021 to Tack3 LLC. Brenda McGowan of Palm Springs, California, manages 200 Bradley Place LLC and signed the deed of sale last year, according to business and courthouse records.

A rental listing for the building early last year showed an executive office with 8,18 square feet available with a reception area, secondary office, kitchen and private bathroom, along with four parking spaces. Sotheby’s International Realty agent Jeff Cloninger held the listing, advertised at $3,750 per month on an annual lease. The listing was canceled when the building sold last year.

In the 2021 sale, Cloninger was the listing agent who negotiated opposite agent Frances Frisbie, who at the time was with Premier Estate Properties but has since joined the Corcoran Group.

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Frisbie Group has its offices in a building it owns at 125 Worth Ave. 

Frisbie Group owns other commercial real estate in town. In January last year, an affiliate of the company was the majority investor in the purchase, recorded at $26 million, of five properties in the South County Road commercial district. That deal included the three-story building that houses Iberia Bank at the southeast corner of South County Road and Royal Palm Way.

The Frisbie Group also developed the Via Flagler mixed-use project on Royal Poinciana Way, where the company sold the ground floor retail spaces and underground parking garage to The Breakers for $20 million at the tail end of 2018. The Via Flagler project also included the development and sale of six second-floor condominiums, four of which are home to members of the Frisbie family. 

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The company also owns, through a limited liability company, the retail-and-office buildings between Via Flagler and North County Road.

Frisbie Group also has developed on speculation and sold a number of high-end homes in Palm Beach. Those projects include an ultra-luxury townhouse development facing Midtown Beach on the site of the old Charley’s Crab restaurant in the 400 block of South Ocean Boulevard. 

Frisbie Group also last year announced plans, in partnership with the real estate investment firm Hines, for Flagler Towers in West Palm Beach. That complex of two 27-story buildings with condominiums and townhouses would rise on the site of Palm Beach Atlantic University’s old dormitories at 1315 and 1401 S. Flagler Drive.

This is a developing story. Check back for updates. 

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Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. He welcomes tips about real estate news on the island. Email dhofheinz@pbdailynews.com, call (561) 820-3831 or tweet @PBDN_Hofheinz. Help support our journalism. Subscribe today.

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