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
Charles Cohen and a rendering of the project (Getty, Pelli Clarke Pelli Architects)

Billionaire Charles Cohen proposes 338-foot tall office tower in West Palm

Billionaire Charles Cohen proposes 338-foot tall office tower in West Palm
Westfield Broward mall, CEO Christophe Cuvillier

Westfield Broward mall’s $95M CMBS loan heads to special servicing

Westfield Broward mall’s $95M CMBS loan heads to special servicing
4700 North Congress Avenue and Velocis Managing Partner Fred Hamm (Google Maps)

Private equity firm sells West Palm medical offices at discount

Private equity firm sells West Palm medical offices at discount
Swire president Kieran Bowers and Brickell City Centre (Google Maps)

Swire sells Brickell City Centre office buildings for $163M

Swire sells Brickell City Centre office buildings for $163M
As resi brokers in South Florida report an uptick in sales and rentals largely fueled by homeowners fleeing dense markets like New York, office brokers say they’re starting to see a similar trend play out among tech firms. (iStock)

More tech firms eye Miami as Covid carries on

More tech firms eye Miami as Covid carries on
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
Tal Frydman with Hamlet Plantation and The Continental Apartments (Credit: Hamlet via Jenco Properties)

Prism Multifamily Group buys apartments in Tamarac, Plantation for $54M

Prism Multifamily Group buys apartments in Tamarac, Plantation for $54M
NAI/Merin Hunter Codman Chairman Neil Merin and Golden Bear Plaza

Golden Bear Plaza office complex in Palm Beach Gardens sells for $50M

Golden Bear Plaza office complex in Palm Beach Gardens sells for $50M
arrow_forward_ios

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

Loading...