The Real Deal Miami

Duke Realty sells Broward portfolio for $178M

Buyers are Starwood Capital, Trinity Capital Advisors and Vanderbilt Office Properties

April 10, 2015 09:45AM
By Katherine Kallergis

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Class A office buildings that were part of the $175M transaction

Class A office buildings that were part of the $175M transaction

Indianapolis-based Duke Realty recently sold a 940,319-square-foot Broward office portfolio.

Duke Realty affiliates sold nine properties to Starwood Capital, Trinity Capital Advisors and Vanderbilt Office Properties for $178.3 million on April 1, Broward County records show. The sale is part of a $1.1 billion total sale in four states that Duke Realty announced earlier this month.

Affiliates of the buyers also obtained mortgages totaling more than $123 million from Morgan Stanley Bank.

Duke Realty sold properties in Plantation, Sunrise and Pompano Beach:

  • Crossroads Business Park 1, 8201 Peters Road, Plantation
  • Crossroads Business Park 2, 8151 Peters Road, Plantation
  • Crossroads Business Park 3, 8100 Southwest 10th Street, Plantation
  • Crossroads Business Park 4, 8050 Southwest 10th Street, Plantation
  • Sawgrass Commerce Center A, 13800 Northwest 14th Street, Sunrise
  • Sawgrass Commerce Center B, 14050 Northwest 14th Street, Sunrise
  • Sawgrass Pointe I, 1000 Sawgrass Corporate Parkway, Sunrise
  • Sawgrass Pointe II, 1200 Sawgrass Corporate Parkway, Sunrise
  • Park Central Building I, 1100 Park Central Boulevard South, Pompano Beach

Earlier this week, Avison Young announced that it had obtained the lease assignment for the portfolio, which spans nine office buildings and a 6.2-acre vacant lot. The vacant lot is zoned for a three-story, 87,000-square-foot office building. The properties are 89 percent occupied with more than 100,000 square feet available for lease and an additional 90,000 for sublease.

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