TA Realty sells Plantation office building to Balogh Jewelers family
Balogh family owns office and industrial properties throughout Broward and Palm Beach counties
TA Realty just sold an office property in Plantation for $14.25 million to the Balogh Jewelers family.
Balogh Family Partnership II is led by Robert “Bobby” Balogh and his wife Cara – the brother and sister-in-law of the jewelry company’s founder, the late David Balogh. Orli Teitelbaum also manages the buyer’s company.
TA Realty sold the 78,000-square-foot office building at 8211 West Broward Boulevard for about $180 per square foot, according to property records.
Avison Young’s David Duckworth, John Crotty and Michael Fay brokered the deal. The property sold with development rights, Duckworth said. The city recently rezoned that corridor to allow for up to 12-story buildings, among other allowances.
The real estate investment firm paid $13.8 million for the property in 2007. It hit the market as part of a larger portfolio earlier this year.
Office suites in the building range from 1,469 to 7,975 square feet with asking rents at $16.50 per foot, according to a Colliers International South Florida listing. As of March, it was 79 percent leased to mostly law firms and accounting firms.
Just last month, TA Realty sold another office building in Plantation for $18.5 million. The west Broward town has become one of Broward County’s booming suburban markets for corporations looking to avoid the congestion of downtown Fort Lauderdale, attracting companies like Virgin Voyages, American Express and Motorola.
David ran the prominent high-end jewelry store Balogh Jewelers in Miami Beach until his retirement in 1999. The company has locations in Coral Gables, Hallandale Beach and on New York’s Madison Avenue.
Property records show the Balogh family also owns a number of office and industrial properties in Broward and Palm Beach counties. More recently, Bobby Balough paid $1.35 million for an office building at Sawgrass International Corporate Park in Sunrise in April. David and Bobby’s father, was also a real estate investor, according to David’s obituary.