Darrell Hofheinz August 31, 2026 11:35 AM
A year after it sold for a recorded $8.4 million, a Palm Beach commercial building at 317 Peruvian Ave. has changed hands again, this time for a price said to have hit at least $18 million.
That's a jump in value of at least $9.6 million for the seller, a Florida limited liability company controlled by Alexander P. Redfearn of Delray Beach-based Redfearn Capital, a private-equity firm specializes in commercial real estate. Redfearn manages Peruvian Manager LLC, the parent company of Peruvian Property Owner LLC, which owned the company, according to property records. The sale price of the off-market transaction was announced in a statement emailed on behalf of the seller to the Palm Beach Daily News. No deed had been recorded for the transaction as of mid-morning on Aug. 31, so the sale price had not yet been documented at the Palm Beach County courthouse.
Built in Midtown in 2002, the two-story building measures 6,454 square feet, property records show. Based on that measurement and an $18 million sale price, the property just sold for $2,788 per square foot. In last year's sale, the building traded for $1,302 per square foot.
Redfearn's statement did not identify who was on the buyer's side of the deal. But the buyer will reportedly occupy the building, according to people familiar with the property.
The building stands near the corner of Peruvian and Hibiscus avenues, a block north of Worth Avenue. Its immediate neighbor to the east is the headquarters of the Preservation Foundation of Palm Beach.
The building has Mediterranean-style architecture and a covered parking area with 14 parking spaces accessed from the street through an archway. On-site parking is a considered a prime asset for buildings on and near Worth Avenue, real estate observers say.
The property is fully leased, Redfearn's statement said. It houses storefronts and offices, and the tenant roster includes Sotheby's International Realty and Caroline Rafferty Interiors, among others.
Broker Christian Angle of Christian Angle Real Estate confirmed he handled both sides of the sale but declined any further comment.
Seller Redfearn bought the building a year ago from longtime Palm Beach resident and real estate investor Paul L. "Jay" Maddock Jr. and his family's real estate holding company. Maddock developed the building more than two decades ago.
When Maddock sold it, the building had long been home to Palamad LLC, a Florida limited liability company through which the Maddock family has bought, sold and managed real estate more many years.
The statement released on behalf of Redfearn said the sale "reflects the firm's ability to identify and quickly create value in high-barrier-to-entry markets. " When the building sold last year, Jay Maddock told the Daily News he was pleased with the sale. "We are happy with the price we got," Jay Maddock said after the sale was recorded Aug. 26, 2025. "We are downsizing our real estate operations and will be deploying the funds into other investments."
During the year prior to the 2025 sale, Palamad LLC had divested itself of several of its Palm Beach County real estate holdings, mostly commercial and industrial properties, said Maddock, a descendant of one of the island's original pioneer families.
This is a developing story. Check back for any updates.
Portions of this story appeared previously in the Palm Beach Daily News.
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. Subscribe today to support our journalism.
This article originally appeared on Palm Beach Daily News: Seller says Palm Beach commercial building has changed hands for $18M
Reporting by Darrell Hofheinz, Palm Beach Daily News / Palm Beach Daily News
USA TODAY Network via Reuters Connect
Copyright Reuters or USA Today Network via Reuters Connect
This story was originally published August 31, 2026 at 11:13 AM.
See original article here: https://www.palmbeachdailynews.com/story/business/real-estate/2026/08/31/sale-price-of-palm-beach-florida-commercial-building-sees-big-jump-in-value/91544774007/
