Delray Beach office building changes hands

ICM Realty Group pays $8 million for property in Congress Office Park
August 21, 2014 12:45PM

220 Congress Park Drive

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