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The Long Term Value Fund targets high-quality, cash-flowing assets with stable, yet attractive risk-adjusted returns over a 5-15 year investment horizon. Wheelock is currently deploying its sixth fund in its value-added series, Wheelock Street Real Estate Fund VI and its first perpetual life fund, Wheelock Street Long Term Value Fund. Wheelock has raised over $4 billion in capital commitments from well-known institutional investors and focuses on real estate investment opportunities throughout the United States, in both public and private markets. Wheelock Street Capital ( ) was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with 30 years of broad real estate transaction experience across all major asset classes. ("CBRE") arranged the sale of The Ben - West Palm Beach, Autograph Collection Hotel. "We look forward to our first hospitality investment engaging Concord's management and working to solidify the property's position as West Palm Beach's preeminent luxury hotel offering."ĬBRE Group, Inc. Located at the crossroads of the work-live-play epicenter of West Palm Beach, the property is set to benefit from continued leisure and rapidly accelerating corporate group demand," stated Tim Hodes, Principal and Head of Hotel Acquisitions for Wheelock Street Capital.
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The property's institutional quality, A+ location along the coveted Intracoastal, and irreplaceable, lifestyle waterfront nature in a growing South Florida market make this investment another ideal match with our current acquisition criteria. "The acquisition marks Wheelock's first hotel purchase and second fund investment in the West Palm Beach market. The continued growth of the West Palm Beach office demand supports a bullish outlook on the market, also evidenced by Wheelock's recent 153,000 SF office development investment located at 301 Clematis Street & 300 Banyan Boulevard, adjacent to The Ben. A number of high-quality new tenants, including Goldman Sachs, Point72 Asset Management, Benefit Street Partners, Susquehanna, Comvest Partners, Norwest Equity Partners, Lewis Longman Walker, and Sanders Capital, have made announcements regarding establishing a meaningful presence in the market. Conveniently located steps away from downtown West Palm Beach, the development features residential, dining, retail, and other amenities, while The Ben features a full-service restaurant, 7800 square feet of event space, rooftop ballroom, rooftop pool, and amenity deck complete with unparalleled views of the City Marina, Intracoastal Waterway, and Palm Beach Island.ĭrawing media attention as "Wall Street South," West Palm Beach is in the midst of a development and investment renaissance with a robust housing market and strong new-to-market office activity from the Northeast and elsewhere. Purpose built in 2020 as Marriott Autograph Collection's first hotel in Palm Beach County, the 208-room property serves as the centerpiece of Flagler Banyan Square, a 435,000 square foot mixed-use lifestyle project. WEST PALM BEACH, Fla., October 04, 2021-( BUSINESS WIRE)-Wheelock Street Capital announced it has acquired The Ben - West Palm Beach, a 208-room Marriott soft-branded, luxury hotel located at 251 N Narcissus Avenue in West Palm Beach, FL.