A prime commercial property in the heart of Palm Beach, located at 317 Peruvian Avenue, has been sold for $8.4 million. The two-story, Mediterranean-style building, constructed in 2002, spans 6,474 square feet and was sold off-market by Palamad LLC, a real estate holding company linked to the prominent Maddock family.
The transaction marks a strategic divestment for the seller, who is downsizing their real estate operations, while the buyer is a company associated with commercial real estate investor Alexander P. Redfearn of Redfearn Capital. The sale price equates to an impressive $1,297 per square foot, reflecting the building’s desirable location just a block north of the renowned Worth Avenue.
Key Takeaways
- Sale Price: $8.4 million
- Price Per Square Foot: $1,297
- Building Size: 6,474 square feet
- Location: 317 Peruvian Avenue, Palm Beach, near Worth Avenue
- Seller: Palamad LLC (Maddock family)
- Buyer: Peruvian Property Owner LLC (linked to Alexander P. Redfearn/Redfearn Capital)
A Strategic Sale for the Maddock Family
Longtime Palm Beach resident and real estate investor Paul L. “Jay” Maddock Jr. and his family’s holding company, Palamad LLC, have sold the Mediterranean-style commercial building they built over two decades ago. Jay Maddock stated that the family is "happy with the price we got" and is "downsizing our real estate operations and will be deploying the funds into other investments."
This sale is part of a larger trend for Palamad LLC, which has recently divested several commercial and industrial properties across Palm Beach County. Notably, in late July, the company sold a property in the Jupiter Park of Commerce for $14.3 million. The Maddock family has deep roots in Palm Beach, with Jay Maddock being a descendant of one of the island’s original pioneer families.
Buyer’s Profile and Property Details
The buyer, Peruvian Property Owner LLC, is a Florida limited liability company linked to Alexander P. Redfearn of Delray Beach-based Redfearn Capital, a private-equity firm specializing in commercial real estate. Redfearn manages Peruvian Manager LLC, the parent company of the purchasing entity.
The two-story building, characterized by its Mediterranean architecture and a covered parking area, is situated near the intersection of Peruvian and Hibiscus avenues. Its immediate neighbor to the east is the headquarters of the Preservation Foundation of Palm Beach. The property currently houses several notable tenants, including Sotheby’s International Realty, Caroline Rafferty Interiors, Kim Coleman Interiors, and Victoria Hagen’s eponymous company.
Brokerage Involvement
Commercial brokers Scott Weprin, Michael Falk, Jimmy Ullrich, and Ryan Vaught of Colliers, along with agents Michael Macchia and Riley Vaught, represented the seller on the Peruvian Avenue transaction. Judge Moss of Sotheby’s International Realty represented the buyer in this deal. Moss had previously represented the seller in the March sale of Jay and Lynn Maddock’s oceanfront home for $31 million.
Sources
- Palm Beach commercial building near Worth Avenue fetches $8.4M, Palm Beach Daily News.