The Real Deal Miami

Texas investors pick up four Broward offices for $22M

Seller barely broke even on sale
The office building at 600 West Hillsboro Boulevard in Deerfield Beach

The office building at 600 West Hillsboro Boulevard in Deerfield Beach

A Texas-based investment firm just picked up a four-building office portfolio in Deerfield Beach for $22 million — a small markup from its last sale in 1998.

TriGate Capital, which operates out of Dallas, was the purchaser of the buildings on 600-700 West Hillsboro Boulevard. The properties are split into three lots. They include a pair of two-story buildings averaging 50,000 square feet, plus a four-story and six-story building on one lot that measures a combined 201,231 square feet.

The seller, Parkway Properties, is an Orlando-based investment trust that buys and leases office properties, primarily in the Sun Belt, according to its website.

Jeff Yarckin, a managing member of TriGate Capital who was involved in the purchase

Jeff Yarckin, a managing member of TriGate Capital who was involved in the purchase

Parkway paid $21.185 for the four buildings, along with a fifth building at 660 West Hillsboro Boulevard, in 1998. Though a deed for the fifth has yet to be recorded in Broward County property records, it is possible that TriGate also purchased it to complete the portfolio.

Parkway signed a deal two years ago to assume $66 million in debt and stocks in exchange for ownership of Lincoln Place, an eight-story office and retail building on South Beach.

The company also paid $146 million last year for the Courvoisier Centre in Miami’s financial district.