Joint venture scoops up office complex
in Plantation

IP Capital Partners and Westport Capital Partners paid $43M for property

TRD MIAMI /
Feb.February 16, 2018 11:30 AM

Marcus & Millichap’s Douglas K. Mandel and 1601 Southwest 80th Terrace

A joint venture between Boca Raton-based IP Capital Partners and Westport Capital Partners, based in Wilton, Connecticut, just paid $43.15 million for an office complex in Plantation.

Property records show an entity linked to Gramercy Property Trust sold the two-building, nearly 240,000-square-foot office park at 1600 and 1601 Southwest 80th Terrace. Plantation Corporate Center I and II traded for about $180 per square foot.

Gramercy paid $52.1 million for the complex in 2015, records show. The purchase may have included other properties.

The deal was brokered by Douglas Mandel and C.Todd Everett of Marcus & Milichap’s Institutional Property Advisors.

Plantation Corporate Center I and II are currently leased to Crawford and Company, under a contract set to expire in 2021, according to a press release. Centerfield and Aetna Life Insurance Co. also occupy the complex, but under sublease agreements.

The buildings were built between 1994 and 1997, records show. The three-parcel, 20.3-acre lakefront site is within the Jacaranda Park of Commerce, between University Drive and Pine Island Road.

Plantation’s commercial real estate market has attracted companies like Virgin Voyages, Movement Mortgage, Camso and Thornton Construction.

New York City-based Gramercy recently paid $11 million for a warehouse in Miramar, leased to perfume company, Parbel of Florida.


Related Articles

arrow_forward_ios
George Lindemann and Verona View

Lindemann sells Plantation apartments for $75M

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Kim Bokamper and 301 Northwest 127th Avenue in Plantation (Credit: Getty Images)

Former Miami Dolphin Kim Bokamper lists Plantation home

IMC Equity Group CEO Yoram Izhak, and 1800 Northwest 66 Avenue (Credit: Google Maps)

IMC Equity Group snags industrial buildings in Plantation for $11M

6600 Northwest 14 Street (Credit: Google Maps, iStock)

Mindful Management makes conscious Plantation purchase

Plantation gas explosion (Credit: Getty Images)

Open gas valve at closed pizzeria caused Plantation gas explosion: report

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view

arrow_forward_ios
Loading...