Morgan Stanley fund sells buildings at a loss

6400 Park of Commerce Boulevard
6400 Park of Commerce Boulevard

A Morgan Stanley property fund took a loss in the sale of a set of buildings in Boca Raton recently.

The fund, PPF Industrial 6400-6500 Park of Commerce Boulevard, sold two buildings in Arvida Park for $12.5 million to Exeter Property Group. The fund paid $13.73 million for the buildings in 2005, according to the South Florida Business Journal.

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The transaction is the third this month in the South Florida region between Morgan Stanley and Exeter, of Plymouth Meeting, Pa. The other two deals, in Broward, also represented a loss for the investment firm, according to the report. [South Florida Business Journal] – Jennifer White Karp