The Real Deal Miami

Three repossessed offices in Wellington sell for $7.7M

Offices were lost to foreclosure in 2013

November 06, 2015 03:00PM
By Sean Stewart-Muniz

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One of the three Wellington office buildings that were sold for $7.7 million

One of the three Wellington office buildings that were sold for $7.7 million

Three office buildings in a Wellington commercial center were just sold for $7.7 million, records show.

The trio of two-story buildings are located in a row at 1500, 1300 and 1200 Corporate Center Way. Together, they house 45,360 square feet of space and were 95 percent leased as of July, according to a Loopnet listing. A fourth building in that row, at 1400 Corporate Center Way, was not included in the sale.

The buyer was an affiliate of the Vectra Management Group, a real estate investment, development and management company. The sale breaks down to roughly $170 per square foot.

All three were previously owned by Wellington Property Group, LLC, a now-defunct company in West Palm Beach that was managed by Christopher Ruddy. The company lost an $11.5 million foreclosure judgment in 2013 that was initiated by U.S. Bank on behalf of a commercial mortgage backed securities trust, records show.

The bank’s special servicer, LNR Partners, began managing the property that same year.

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