Pebb, Tortoise Properties pay $42M for ADT’s headquarters in Boca Raton

10-acre property is within the Park at Broken Sound

Miami /
Jun.June 18, 2018 11:30 AM

ADT headquarters and Pebb’s Ian Weiner

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.


Related Articles

arrow_forward_ios
Tricera Capita's Ben Mandell with rendering of The Press project (Tricera Capital)
Lease roundup: Tricera scores tenants in West Palm, Boca
Lease roundup: Tricera scores tenants in West Palm, Boca
From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Candice and Steven Stark with 1371 Royal Palm Way (Getty, Royal Palm Realty)
Luxury carpet mogul drops $17M for house on Royal Palm golf course in Boca Raton
Luxury carpet mogul drops $17M for house on Royal Palm golf course in Boca Raton
From left: Contrarian Capital's Jon Bauer and Pebb Enterprises' Ian Weiner with Meridian Office Center
Pebb JV buys Boca Raton office complex for $30M
Pebb JV buys Boca Raton office complex for $30M
(left to right) Nuveen's Mike Nuveen with 800 Waterford Way and Pebb Enterprises' Ian Weiner with 5355 Town Center Road (CoStar, Nuveen, TVS Design, Pebb)
Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park
Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
The 851 Building at 851 Northwest Broken Sound Parkway at the Park at Broken Sound in Boca Raton (Marcus & Millichap, LinkedIn)
NJ pediatrician pays $14M for Park at Broken Sound offices in Boca Raton
NJ pediatrician pays $14M for Park at Broken Sound offices in Boca Raton
Shaul Rikman, Roni Soffer, Mati Rikman, and Moshe Wechsler with 21077 Powerline Road (Isram Realty Group, Emerald Empire, Google Maps)
Emerald Empire pays $25M for shopping center near Boca Raton
Emerald Empire pays $25M for shopping center near Boca Raton
arrow_forward_ios

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

Loading...