Boyd Watterson buys immigration processing center in Royal Palm Beach

Buyer focuses on government-leased real estate assets

Miami /
Aug.August 08, 2018 01:30 PM

9300 Belvedere Road and Boyd Watterson Asset Management’s Joseph Capra

Boyd Watterson just paid $19 million an office building in Royal Palm Beach that’s leased to the U.S. Citizenship and Immigration Services.

South Florida Federal Partners West Palm Beach, led by Darius Gaskins of Austin, sold the 38,500-square-foot building at 9300 Belvedere Road to the Cleveland-based investment management firm. The U.S. government uses the building, which sits on a 4.7-acre site, as the West Palm Beach field office for USCIS to process green card and naturalization applications.

The seller paid $6.6 million for the property in 2007 and built the building a year later. The buyer, led by principals Kathleen Herrin and Joseph Capra, focuses on acquiring and managing government-leased real estate. Boyd Watterson paid about $500 per foot for the building, which is near the South Florida Fairgrounds and Coral Sky Amphitheater, formerly the Cruzan Amphitheater.

Boyd Watterson manages more than $2.7 billion in real estate assets, according to its website. The company could not immediately be reached for comment.

Office rents in South Florida are on the rise. In the neighboring West Palm Beach market, overall asking rents rose to about $57 per foot in the second quarter, according a recent report from Cushman & Wakefield.


Related Articles

arrow_forward_ios
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
Geneva Group Managing Partner Jarred Elmar and Regal Medical Center at 1011-1021 North State Road 7 in Royal Palm Beach (Google Maps, Geneva Group)
Geneva JV acquires Royal Palm Beach medical office complex for $15M
Geneva JV acquires Royal Palm Beach medical office complex for $15M
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
New York, Miami, Chicago, Los Angeles, San Francisco and Chicago (iStock)
As rent explodes nationally, Miami tops the charts
As rent explodes nationally, Miami tops the charts
Alta Developers’ Raimundo Onetto in front of the development site (Google Maps)
Heading south: Alta buys dev site for apartment complex near Homestead
Heading south: Alta buys dev site for apartment complex near Homestead
Grant Cardone and a rendering of LAs Olas Walk (Cardone Capital, ZOM/McNeal Realty)
Grant Cardone to buy $750M in SoFla apartments
Grant Cardone to buy $750M in SoFla apartments
arrow_forward_ios

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

Loading...