Online Office Auction Brings Big Return for LNR Partners
LNR Partners LLC sold the building at 950 Peninsula Corporate Circle to a New Jersey investor, Colliers International South Florida said.
November 02, 2017 at 01:11 PM
1 minute read
A Miami Beach-based provider of mortgage services sold a Boca Raton office building by auction using the online real estate platform Ten-X for five times its May purchase price.
LNR Partners LLC sold the building at 950 Peninsula Corporate Circle to a New Jersey-based investor, Brandon Rolnick, for $8.95 million, according to Colliers International South Florida. That's $195 per square foot for the 45,803-square-foot building.
The sale resulted from a scheduled three-day auction on Ten-X.
Colliers International South Florida senior vice president Kevin McCarthy and associate Bastian Laggerbauer represented LNR in the deal.
The three-story office building is on 2.7 acres and was built in 2006. Each unit in the building has its own utility meters and private bathrooms.
MSCI 2007 IQ16 Complex 950 LLC, which is affiliated with LNR Partners, bought the building in a foreclosure sale in May for $1.75 million, according to the Palm Beach County property appraiser's office.
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