A high-profile Palm Beach corner just landed in new hands, with CS Ventures picking up a tight cluster of commercial sites at Royal Palm Way and South County Road and backing the deal with a $22 million acquisition loan. The buy includes the former three-story bank at 180 Royal Palm Way, the one-story retail building at 301 South County Road and three neighboring surface parking lots on Brazilian Avenue. The buyer and seller have kept the actual purchase price under wraps.
According to The Real Deal, Ocean Bank supplied the $22 million loan that covers the roughly 20,000-square-foot former IberiaBank building at 180 Royal Palm Way, the 11,300-square-foot retail space at 301 South County Road and about 44,000 square feet of adjacent parking. The outlet identified the buyer as CS Ventures, the partnership of Charles Rosenberg and Spencer Schlager, and reported that entities tied to Frisbie were the sellers. Public records show the same package last changed hands in 2021 for about $26 million, per Traded.
Redevelopment Plans Pulled After Town Review
Before the latest sale, a redevelopment proposal for the corner had already hit a wall. Town records list a filing labeled ARC-25-0050, submitted by FG Palm Beach Fund LLC along with Eye-Man Limited Partnership and Tau-Mid Partnership LLP, that was withdrawn at the March development-review meeting. Town minutes name the applicants and show the item being pulled from the agenda.
Cody Crowell, a partner at Frisbie, told The Real Deal that Council President Pro Tem Lew Crampton requested the withdrawal, saying the project had “spun out of control.” County records cited by the Palm Beach Daily News link the Eye-Man and Tau-Mid entities to ophthalmologist Dr. Stephen F. Sullivan and his wife, Marcia.
CS Ventures’ Palm Beach Footprint
For CS Ventures, the acquisition is the latest piece in a carefully stacked Palm Beach portfolio. The Rosenberg-Schlager partnership now controls more than a dozen office and retail properties on the island and in neighboring West Palm Beach. Reporting by Commercial Observer and other industry outlets notes that CS Ventures has steadily accumulated assets along Bankers Row and Worth Avenue, putting the firm among the island’s more prominent commercial landlords…