TA Realty sells two office buildings in Weston

$13M trade breaks down to about $209 per square foot

Miami /
Nov.November 15, 2017 11:30 AM

The Chase Bank Building at 1040 Weston Road (Credit: Highline Real Estate Capital)

TA Realty just sold two of its office buildings in Weston for $13 million, according to a press release.

Realty Associates Fund X, an affiliate of the Boston-based firm, sold the 62,000-square-foot office portfolio to Miami-based real estate investment company Highline Real Estate Capital and partner Sefira Capital LLC. The trade breaks down to about $209 per square foot.

The portfolio is made up of the 27,084-square-foot Chase Bank Building at 1040 Weston Road and the 33,682-square-foot Weston Commerce Center at 1625 North Commerce Parkway.

The Chase Bank Building at 1040 Weston Road (Credit: Highline Real Estate Capital)

Highline Real Estate Capital announced the sale. The partnership financed the deal with a $9.2 million loan from BankUnited.

Records show the Chase Bank Building last traded for $6.88 million in 2008. TA Realty bought the Weston Commerce Center the same year for $8.4 million.

Avison Young’s David Duckworth, John Crotty and Michael Fay represented the sellers. CBRE’s Christian Lee and Amy Julian helped the buyers obtain financing and Alfie Hamilton and Caitlin Inklebarger from Colliers International will handle project leasing, according to the release.

Weston’s office market has shown decreasing vacancy rates, David Moret, Highline’s founder said, citing a third-quarter Cushman and Wakefield report. He said Weston’s office market vacancy rates are currently pegged at 2 percent.

The buildings sold 90 percent leased, according to the release. Tenants include Chase Bank and a large number of medical offices, Moret said.

In January, a nearby office building leased to Altegra Health sold for $14.1 million.


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