UPDATED June 22, 10:20 a.m.: A joint venture between Pebb Enterprises and a Chicago investment firm just paid $42 million for ADT’s global headquarters in Boca Raton.
An affiliate of RAIT Financial Trust sold the 10-acre campus at the Park at Broken Sound to 1501 Yamato Road LLC, a partnership between Boca-based Pebb and Tortoise Properties, property records show. The buyers financed the deal with a $28.6 million loan from BankUnited. The non-recourse loan offered a low interest rate and flexible prepayment terms, according to a release.
ADT, the home-security provider, has more than five years left on its 171,489-square-foot lease, Pebb president Ian Weiner said. ADT subleases about 30,000 square feet to United Physicians Management, Weiner said.
Cushman & Wakefield’s Scott O’Donnell, Dominic Montazemi, Mike Davis, Greg Miller, Rick Brugge and Michael Lerner represented the seller. Jason Hochman of Cushman arranged the financing.
RAIT Financial, a Philadelphia-based real estate investment trust, paid $41.75 million for the property in 2009. The Class A building was constructed in 1980, and features structured parking, a cafeteria and gym. The property, which overlooks the Old Course at Broken Sound golf course, could eventually be redeveloped.
Portions of the 700-acre Park at Broken Sound, formerly known as the Arvida Park of Commerce, are being redeveloped into multifamily and retail projects. Last week, developers Jimmy Tate and Sergio Rok sold Allure by Windsor, a new luxury rental complex within the Park at Broken Sound, for $92.1 million to GID.
Pebb is ramping up a joint-venture equity program to make similar deals in the future. Over the past year, the company has been selling some of its out-of-state retail properties with plans to acquire office, industrial and retail assets in South Florida. It manages about 2 million square feet of commercial real estate in the eastern U.S.