Two companies linked to Morgan Stanley Real Estate Advisor Inc. took a $13 million hit on the sale of two Tamarac business parks.
The companies sold the McNab Business Park and Tamarac Business Park to corporations tied to Plymouth Meeting, Pa.-based Exeter Property Group in separate transactions recorded on Thursday, according to Broward County records. Exeter paid $10.1 million for the 101,500-square-foot McNab Business Park and $11.5 million for the 117,000-square-foot Tamarac Business Park. No financing was recorded.
Located at 10300-10458 West McNab Road, McNab Business Park was acquired by the Morgan company for $15.3 million in October 2007. At the same time, the company paid $19.5 million for Tamarac Business Park at 6200-6370 North Hiatus Road.
McNab was constructed in 2002, while Tamarac was built in 2004. — Eric Kalis