High Tech Building's Sale Price Jumps 145% in 2 Years

Appreciation is more than lip service, so far as wired Downtown West Palm Beach buildings are concerned. Local investor Albert Beriro bought the six-story, 75,000-sf Meridian Building at 326 Fern St. for $2.3 million or $30.67 psf two years ago. Beriro just sold the property to an investment group led by Node Com Inc. of Morristown, NJ for $5.65 million or $74.67 psf.

The partnership already has a tenant commitment for one-third of the space formerly occupied by BellSouth. Tampa-based Switch & Data Facilities Co. is taking 24,500 sf on two of the six floors. The tenant rents switching equipment and rack space to telecom firms.

Switch & Data plans to spend between $2 million and $3 million on improvements. Office/service rents in the area average $10 psf. Trammell Crow Co. was the seller’s broker. Touchstone Webb Realty Co. handled the buyer.