The Real Deal Miami

Batmasian buys Deerfield offices at discount

The six-building complex went into foreclosure in October
July 18, 2013 10:00AM



Real estate investor James Batmasian of Boca Raton bought an office complex in Deerfield Beach at a 19.5 percent discount to its foreclosed mortgage, the South Florida Business Journal reported.

A commercial mortgage-backed securities (CMBS) trust seized the six buildings on Fairway Drive in October after foreclosing on HEC Investment’s $10.8 million mortgage. The property, built in 1984, totals 180,868 square feet at Hillsboro Executive Center North, flanked by the Deerfield County Club.

Batmasian’s Tivoli Fairway Investments paid $8.69 million in an all-cash deal for the six buildings, the Journal reported.

HEC Investment bought the property for $13.6 million in 2003.

Last year, Batmasian — convicted in 2008 for tax evasion — bought Boca Raton’s Plumtree Centre retail space from U.S. Bank for $3.1 million. [South Florida Business Journal]Emily Schmall