The Real Deal Miami

MetLife sells Hollywood business park for $46M to REIT

17-acre park last sold for $41.8M in 2005

August 12, 2015 12:00PM
By Katherine Kallergis

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Venture Corporate Center

Venture Corporate Center in Hollywood

A Denver, Colorado-based real estate investment trust has purchased a Hollywood corporate center for $45.7 million, according to Broward County records.

The Metropolitan Life Insurance Company sold the 17.4-acre park to an affiliate of Dividend Capital Diversified Property Fund. The properties, at 3440 Hollywood Boulevard, 200 South Park Road and 300 South Park Road, last sold for $41.75 million in May 2005, according to Broward County property records.

The Venture Corporate Center was developed between 1982 and 1984, and includes three buildings: 86,084 square feet, 90,498-square-feet and 90,774-square-feet.

The Hollywood office park is located west of I-95 and east of the Florida Turnpike. It includes paved parking lots and an on-site cafe, according to Taylor & Mathis, the leasing and management firm for the property. Tenants include Hospital Physician Partners, Conroy, Simberg, Ganon, Krevans, Abel, Lurvey, Morrow & Schefer, P.A. and Costa Cruise Lines, N.V.

On Tuesday, BlackRock Realty Advisors sold the Weston Corporate Center for $47 million to KBS Realty Advisors.