Miami CBRE Team Closes $28 Million Sale of Deerfield Beach Flex Buildings
A New Jersey-based real estate investor buys two buildings in the Deerfield Corporate Office Park.
November 12, 2019 at 02:25 PM
3 minute read
Christian Lee, left, and Jose Lobon, right, of CBRE/courtesy photos
CBRE Group Inc. brokers based in Miami closed the $27.65 million sale of two buildings at the Deerfield Corporate Office Park.
An affiliate of Denholtz Properties, a New Jersey-based real estate investment and development company, bought the office-industrial buildings Oct. 31 from an affiliate of Ivy Realty, a real estate investment company with offices in Connecticut, New Jersey and Florida.
CBRE Capital Markets vice chairman Christian Lee and executive vice president Jose Lobon closed the sale on behalf of Ivy Realty.
CBRE vice president Amy Julian, also based in Miami, secured a $20.6 million acquisition loan for the buyer from BankUnited Inc.
The property is a six-building office-industrial complex on the northeast corner of South Military Trail and Southwest 10th Street.
Denholtz bought the northernmost building at 602-668 S. Military Trail and the southernmost building at 776-852 S. Military Trail, according to the Broward County Property Appraiser's office.
The one-story buildings have a combined 157,438 square feet, putting the transaction value at $176 per square foot. They were 98% leased when sold.
They are close to major highways — 1.5 miles from Interstate 95 and 2.8 miles from the Florida's Turnpike and Sawgrass Expressway interchange.
The deal comes amid a busy office market with South Florida demand outpacing deliveries. The market absorbed 7.6 million square feet of office space in the past five years compared with 3.6 million square feet delivered during the same time, according to Lobon.
Lee said he expects the market to keep doing well, even outpace the nation's office market.
"With strong, consistent market fundamentals coupled with limited new projects currently under construction, the South Florida office market is well-positioned to continue to outperform the nation over the near term," Lee said in a news release.
Denholtz said it was drawn to South Florida because of its strong economy, population growth, talent pool and job market.
"For many years, we have been incredibly bullish about the prospects for the South Florida market," CEO Steven Denholtz said in a news release. The company's other Florida assets are mostly in Orlando as well as Tampa.
The remaining four Deerfield Corporate Office Park buildings are owned by New York-based Brookfield Property Group. Ivy Realty sold them to Brookfield last February for $36.3 million.
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