A set of properties at a key Midtown intersection has changed hands for an undisclosed amount, selling from one group with strong ties to Palm Beach to another.
Real estate investors Spencer Schlager and Charles “Charlie” L. Rosenberg, through their CS Ventures, purchased two commercial properties and three parking lots from entities affiliated with the Frisbie family of Palm Beach, according to a news release.
Included in the deal are the First Horizon Bank building at 180 Royal Palm Way, the single-story retail strip at 301 and 305 S. County Road, and a parking lot and vacant lot at 159 and 163 Brazilian Ave.
The building on South County Road is home to several popular stores: Lori Jayne Monogramming, All Brand Vacuums, P.B. Boys Club, P.B. Girls Club and Aristokids.
A deed recording the sale June 5 in Palm Beach County did not include a sale price for the parcels.
The Frisbies had proposed a renovation and expansion project for the properties earlier this year. The work would have added six new residences, while making what a company representative said were much-needed updates to the buildings. Those plans were pulled in March after an outcry from some residents, who shared concerns about the potential for increased traffic and parking difficulties in an already-busy area of town.
Palm Beach resident Schlager and Rosenberg, of New York, completed the purchase using a $22 million loan from South Florida-based Ocean Bank.
Schlager and Rosenberg both have longtime family ties to Palm Beach, where Schlager also is a real estate agent.
“These assets align perfectly with our long-term vision of acquiring and managing premier office and retail properties in growing markets,” Rosenberg said in the news release. “We are deeply grateful to Ocean Bank for their trust, expertise and unwavering partnership throughout this transaction. We look forward to continuing to build on our strong relationship as we pursue future opportunities together.”
Schlager and Rosenberg have expanded their Palm Beach real estate holdings since they began investing in the market in late 2020. Most recently, they acquired 250 Royal Palm Way for an undisclosed sum in April.
The bank building that just changed hands was built in 1971 and has 20,038 square feet of retail and office space across three stories and sitting on a half-acre lot. The retail building to the south dates to the 1950s with 11,326 square feet of commercial space. The three parking lots combined are 44,000 square feet.
Ocean Bank Senior Vice President T. George Harduvel arranged the loan.
County records show that the Frisbie Group owned the properties through an affiliated LLC, FG Palm Beach Fund, along with Eye-Man Limited Partnership and Tau-Mid Partnership LLP, two entities associated with ophthalmologist Dr. Stephen F. Sullivan and his wife, Marcia. FG Palm Beach Fund owned about 64% interest in the properties, and the Sullivan-associated entities owned the balance, county records show.
They had paid a recorded $26 million in 2021 for the properties.
Schlager and Rosenberg’s companies also own commercial buildings at 324, 340, 350 and 440 Royal Palm Way along with a landmarked retail-and-office building at 214 Brazilian Ave. In 2024, they purchased the retail building at 237-243 Worth Ave., about a year after they bought the block-long building at 375 S. County Road, where the tenants include BrickTop’s restaurant.
In 2025, they bought 151 and 155 N. County Road, home to the venerable Green’s Pharmacy and its breakfast-and-lunch restaurant, along with Amici Market.
Kristina Webb is a reporter for Palm Beach Daily News, part of the USA TODAY Florida Network. You can reach her at kwebb@pbdailynews.com. Subscribe today to support our journalism.
This article originally appeared on Palm Beach Daily News: Frisbie Group sells properties at key Palm Beach intersection
Reporting by Kristina Webb and Darrell Hofheinz, Palm Beach Daily News / Palm Beach Daily News
USA TODAY Network via Reuters Connect
By Kristina Webb and Darrell Hofheinz, Palm Beach Daily News | USA TODAY Network
