The Real Deal Miami

Morgan Stanley fund sells buildings at a loss

Two Boca Raton properties trade for $12.5 million
October 22, 2014 04:30PM

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.

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