The Real Deal Miami

Weston office portfolio sells for $16.1 million

By Alexander Britell | February 29, 2012 05:00PM

One of the buildings in the Weston portfolio

A 61,264-square-foot office portfolio in Weston has been sold to two Florida-based limited liability companies for $16.1 million.

Sterling Investments I and Sterling Investments II, both of which list Mark Toennes as manager, purchased the properties.

The portfolio, which is located at 2000 and 2002 Ultimate Way, consists of two class-A office buildings.

The $16.1 million purchase price includes $10.4 million for 2000 Ultimate Way and $5.7 million for 2002 Ultimate Way, according to the Broward County Property Appraiser’s office.

Toennes is the president of Belgravia Management, which made its first foray into the South Florida market with the purchase of Airport Financial Center in Miami Springs in March 2011.

“We had several pretty strong bidders, and settled on the one who ended up buying it,” said David Duckworth, vice president at Flagler Real Estate Services, who represented the sellers, TP Eight and TP Nine, both LLCs as well. “It’s got a very strong tenant with Ultimate Software in the building, and in Weston, an excellent location.”

According to Flagler, the deal is one of the largest office transactions in Broward County this year, a sign that the market north of Miami could be on the upswing.

Much of that could be coming from increased leasing activity, according to Duckworth.

“Obviously that affects the investment side of things, and [leasing brokers] are very optimistic,” he told The Real Deal. “I would say the Broward County office market is picking up steam, and things are really starting to happen.”

The portfolio is 100 percent leased.

Toennes could not be reached for comment.