The Real Deal Miami

Boyd Watterson buys immigration processing center in Royal Palm Beach

Buyer focuses on government-leased real estate assets
By Amanda Rabines | August 08, 2018 01:30PM

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.