Milhous Group sells industrial, office properties in Broward and Palm Beach: $39M

Miami /
Jun.June 02, 2016 09:45 AM

The Boca Raton-based Milhous Group has sold four office and industrial properties in Palm Beach and Broward counties for a combined $38.8 million. 

Three of the buildings are in the Park at Broken Sound in Boca Raton, while one is in Deerfield Beach, according to CBRE. Jeff Kelly, executive vice president; Chris Lee, vice chairman; and Jose Lobon, first vice president, arrange the deals.

Here’s a breakdown of the sales:

  • 6000 Broken Sound Parkway, which David Long of Orange Theory acquired for $13.9 million
  • 6100 Broken Sound Parkway, which sold to Liberty Equities for $8.6 million
  • 990 South Rogers Circle, which sold to David Kahn for $12.4 million
  • 2150 Southwest 10th Street in Deerfield Beach, which Geneva Roth BEA bought for $3.9 million

“The owner of these properties had an aggressive timeline, as loans on all four properties were set to expire on May 31st, 2016,” Kelly said in a press release.  The deals all closed on Tuesday.

Kelly told The Real Deal the availability for new office building at the Park at Broken Sound is dwindling, bringing rents up and vacancies down.

Orange Theory will use part of its new 72,763-square-foot office building at 6000 Broken Sound Parkway as its corporate headquarters. The building, completed in 2001, is currently 50 percent occupied. It last sold for a little more than $3 million in 2000.

The 66,100-square-foot flex office building at 6100 Broken Sound Parkway is fully leased, according to CBRE. It was built in 1999. Liberty Equities (USA), a real estate company based in New York, bought the International Plaza near Boca Raton last year for $21 million. Property records show it last sold for $5 million in 2006.

The 123,005-square-foot workspace at 990 South Rodgers Circle, built in 1987, is 84 percent occupied. The buyer is tied to the Geneva Group, a real estate investment company based in Coconut Creek.

And over in Deerfield, the two buildings at 2150 Southwest 10th Street, which include a 10,000-square-foot strip mall and a 25,000-square-foot office/showroom/warehouse, sit on a 3.1-acre lot.


Related Articles

arrow_forward_ios
ADT’s headquarters building at The Park at Broken Sound in Boca Raton with Jake Geleerd of Tortoise Properties and Ian Weiner of Pebb Enterprises (Tortoise Properties, Pebb Enterprises)
Lease roundup: Sheltair moves headquarters to Fort Lauderdale
Lease roundup: Sheltair moves headquarters to Fort Lauderdale
The 851 Building at 851 Northwest Broken Sound Parkway at the Park at Broken Sound in Boca Raton (Marcus & Millichap, LinkedIn)
NJ pediatrician pays $14M for Park at Broken Sound offices in Boca Raton
NJ pediatrician pays $14M for Park at Broken Sound offices in Boca Raton
Elliot Stone of Royal Castle Companies (FIU Foundation, LoopNet)
Royal Castle Companies buys offices at Boca’s Park at Broken Sound
Royal Castle Companies buys offices at Boca’s Park at Broken Sound
Brookfield pays $8M for office building in Boca’s Park at Broken Sound
Brookfield pays $8M for office building in Boca’s Park at Broken Sound
Brookfield pays $8M for office building in Boca’s Park at Broken Sound
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Clockwise: River Landing, Delray Commons and the PulteGroup office space
Lease roundup: Driveshack, GoPuff ink leases & more
Lease roundup: Driveshack, GoPuff ink leases & more
Movers & Shakers: CBRE hires two senior vice presidents & more
Movers & Shakers: CBRE hires two senior vice presidents & more
Movers & Shakers: CBRE hires two senior vice presidents & more
CBRE CEO Bob Sulentic and Gordon Messinger (CBRE/Illustration by Kevin Rebong for The Real Deal)
Gordon Messinger joins CBRE from Cushman & Wakefield
Gordon Messinger joins CBRE from Cushman & Wakefield
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...