The Real Deal Miami

Wellington office park trades at $18.3M discount

March 20, 2013 01:00PM

Wellington Reserve Office Park

Wellington Reserve Office Park has sold for $10.5 million, at a $18.3 million discount to the amount of its foreclosed mortgage, the South Florida Business Journal reported. After the collapse of the housing market in 2008, the park was seized by a commercial mortgage-backed securities trust for failing to pay its $28.8 million mortgage.

But yesterday an affiliate of North Miami-based I.M.C. Property Management, a firm that acquired over $100 million of distressed Florida properties in 2012, purchased the park for the 64 percent discount.

The park, which is located at 1035-1049 State Road 7, features a Class A medical office that is 60 percent occupied, with current tenants that include Comerica Bank, Palm Beach Atlantic University and Premier Health.

“We expect to aggressively improve occupancy in the next two months,” Carlos Segrera, I.M.C.’s director of acquisitions and finance, told the Business Journal.