A Wellington office building has just been sold to Rok Acquisitions, a large Miami-based real estate investment company that has focused on downtown Miami properties.
An affiliate of Rok executive member Michael Sperling paid $8.65 million for the Wellington Professional Centre, a three-story building at 10111 Forest Hill Boulevard with 50,741 square feet of medical offices. It is located on an acre-sized outparcel next to the Wellington Regional Medical Center.
The seller, a company named University Drive Professional Plaza Partnership, acquired the building in 1998 for $4 million.
That company’s address leads back to Syndicon Properties in Coral Gables, a real estate company that was founded in 1973 by Timothy D. Cross. Syndicon lists a handful of commercial properties on its website as for sale or lease, including the Wellington building it just sold.
This transaction marks the building’s third resale since it was constructed in 1986. It first traded for only $400,000 in 1991, and its price quickly appreciated 10 times when Syndicon bought it in 1998. In the company’s description of the property, it wrote “Wellington is going to be the demographic center of Palm Beach County.
Rok Acquisitions, led by Sergio Rok, is one of Miami’s largest property owners. The company is looking for income-producing properties with a focus on commercial and multi-family buildings constructed within the last 15 years, according to its website.