Delray Beach office building changes hands

ICM Realty Group pays $8 million for property in Congress Office Park

Aug.August 21, 2014 12:45 PM

A building in Delray Beach’s Congress Office Park changed hands for $8 million.

ICM Realty Group, which has corporate offices in Canada, Germany and Ross, Calif., acquired the 53,843-square-foot building at 220 Congress Park Drive, according to Wednesday’s written statement from real estate firm CBRE, which arranged the sale and financing transactions. Coral Springs-based G&C Congress Investors, an affiliate of Grover & Corlew LLC, sold the property to ICM. It paid $4.3 million for the three-story building in April 2013.

The building was 50 percent occupied when G&C acquired it, according to CBRE. It is now 97 percent occupied.

ICM received a seven-year, $5.5 million non-recourse loan for the purchase. CBRE did not disclose the lender.

CBRE first vice president Dominic Montazemi collaborated with Miguel Alcivar, Jason Hochman and Scott O’Donnell from the firm’s Debt & Structured Finance Group in the transaction. — Eric Kalis

Related Articles

William Dabbs

Contractor guilty of manslaughter in fatal shooting of his boss

Shorecrest Club Apartments

CBRE fund pays $132M for Shorecrest Club Apartments in Miami

Craig Menin and 301 East Atlantic Avenue in Delray Beach (Credit: Google Maps)

Menin Development buys Johnnie Brown’s building in Delray Beach

9200 Rockybrook Way and Senada Adzem (Credit: Douglas Elliman)

Lakefront estate west of Delray Beach sells for $17M

Daily Digest Miami

LeBron James’ Unknwn store is opening Dec. 5, Palm Beach Gardens showroom trades for $10M

Walgreens at 3200 South Federal Highway

Walgreens sells Delray Beach store on Federal Highway

Midtown Delray, Todd Rosenberg

Pebb Capital pays $40M for once-named Midtown Delray site

Rendering of Ocean Delray

Ocean Delray nabs $73M construction loan