South Florida's TMT Properties Buys Delray Beach Office for $11.4 Million
The seller, Canadian investment manager ICM Realty Group, bought the building for $8 million in 2014.
September 26, 2018 at 10:49 AM
2 minute read
TMT Properties Inc. has added to its South Florida holdings by buying a fully leased Delray Beach office building.
TMT Properties bought Congress Office Park at 220 Congress Park Dr. for $11.4 million from ICM Realty Group Ltd., according to transaction broker Cushman & Wakefield. The sale of the 54,006-square-foot building breaks down to $211 per square foot.
The office was built in 1985 on 3.8 acres, less than a mile from Interstate 95 and West Atlantic Avenue.
TMT Properties, based in Coral Springs, offers development, property management, leasing and tenant build-out services. It has office, retail and industrial properties throughout South Florida, including the 72,000-square-foot Coral Springs Business Park and the 30,000-square-foot Wiles Road Office Center.
TMT paid for its recent purchase with help from a Grove Bank & Trust $8.6 million loan.
An affiliate of ICM Realty, based in Calgary, Canada, bought the asset in August 2014 for $8 million for a 43 percent gain in four years based on Palm Beach County real estate records.
Occupancy stood at 83 percent in the previous change of hands. Since then, ICM brought the building to full occupancy. Tenants include the headquarters of the WMPH Vacations travel agency and the Specialized Healthcare Partners insurance claims recovery agency as well as an office for Tennessee-based online audit confirmations firm Capital Confirmation Inc.
ICM is an alternative fund and portfolio manager that invests in real estate, private equity and infrastructure strategies on behalf of its clients, which include institutional investors, according to its website.
In 2012, the building traded for $79 per square foot following foreclosure, and ICM paid $148 per square foot, according to Cushman & Wakefield. The real estate company closed all three sales and worked for ICM to fully lease the building.
Several law firms were involved the the purchase and financing. Coker & Feiner, based in Fort Lauderdale, represented TMT in both the purchase and financing; Frank, Weinberg & Black represented ICM in the sale; and Carlton Fields of counsel Michele Softness represented Grove Bank.
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