The Real Deal Miami

Joint venture scoops up office complex
in Plantation

IP Capital Partners and Westport Capital Partners paid $43M for property
By Amanda Rabines | February 16, 2018 11:30AM

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.