The Real Deal Miami

Plantation office complex trades for $128M

Duke Realty sells Royal Palm at Southpointe to Chicago investor for $28M more than 2010 price
By Eric Kalis | August 26, 2014 09:45AM

1000 South Pine Island Road

1000 South Pine Island Road

Duke Realty received $128 million for the Royal Palm at Southpointe office complex in Plantation, The Real Deal has learned.

The Indianapolis real estate investment trust paid $100.4 million for the 850-1000 South Pine Island Road complex in August 2010, according to Broward County records. Duke’s sale of the site, which has more than 465,000 square feet of office space, was recorded on Monday. The complex was developed in phases, with one building completed in 2000 and the second building finished in 2008.

TR Royal Palm Corp. is the buyer. The company is managed by Chicago-based LPC Realty Advisors, an investment advisory affiliate of Lincoln Property Co. No financing was recorded.

South Florida has had several expensive trophy office trades in 2014. The priciest deals include the $204 million sale of Fort Lauderdale’s Las Olas Centre, last week’s $150 million sale of CityPlace Tower in West Palm Beach and the $146 million sale of the Courvoisier Centre complex in Miami’s Brickell Key.