The Real Deal Miami

Milhous Group sells industrial, office properties in Broward and Palm Beach: $39M

Loans on the four properties were set to expire on May 31

June 02, 2016 09:45AM
By Katherine Kallergis

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Portfolio of office and industrial buildings that Milhous sold

Portfolio of office and industrial buildings that Milhous sold

The Boca Raton-based Milhous Group has sold four office and industrial properties in Palm Beach and Broward counties for a combined $38.8 million. 

Three of the buildings are in the Park at Broken Sound in Boca Raton, while one is in Deerfield Beach, according to CBRE. Jeff Kelly, executive vice president; Chris Lee, vice chairman; and Jose Lobon, first vice president, arrange the deals.

Here’s a breakdown of the sales:

  • 6000 Broken Sound Parkway, which David Long of Orange Theory acquired for $13.9 million
  • 6100 Broken Sound Parkway, which sold to Liberty Equities for $8.6 million
  • 990 South Rogers Circle, which sold to David Kahn for $12.4 million
  • 2150 Southwest 10th Street in Deerfield Beach, which Geneva Roth BEA bought for $3.9 million

“The owner of these properties had an aggressive timeline, as loans on all four properties were set to expire on May 31st, 2016,” Kelly said in a press release.  The deals all closed on Tuesday.

Kelly told The Real Deal the availability for new office building at the Park at Broken Sound is dwindling, bringing rents up and vacancies down.

Orange Theory will use part of its new 72,763-square-foot office building at 6000 Broken Sound Parkway as its corporate headquarters. The building, completed in 2001, is currently 50 percent occupied. It last sold for a little more than $3 million in 2000.

The 66,100-square-foot flex office building at 6100 Broken Sound Parkway is fully leased, according to CBRE. It was built in 1999. Liberty Equities (USA), a real estate company based in New York, bought the International Plaza near Boca Raton last year for $21 million. Property records show it last sold for $5 million in 2006.

The 123,005-square-foot workspace at 990 South Rodgers Circle, built in 1987, is 84 percent occupied. The buyer is tied to the Geneva Group, a real estate investment company based in Coconut Creek.

And over in Deerfield, the two buildings at 2150 Southwest 10th Street, which include a 10,000-square-foot strip mall and a 25,000-square-foot office/showroom/warehouse, sit on a 3.1-acre lot.