The Real Deal Miami

South Florida’s biggest office investment sales in August

Top deal was the $19M sale of a USCIS field office
By Amanda Rabines |
Research by Laura Hanrahan
September 17, 2018 08:45AM

USCIS West Palm Beach, Pointe 1801, One Spa World HQ, Pointe Broward, 8601 West Sunrise

Plantation’s office market dominated South Florida’s top office investment sales in August.

Three of the five priciest deals were for properties in Plantation. The west Broward city has attracted companies like Magic Leap and Aetna.

The August investment sales figures were compiled from Miami-Dade, Broward and Palm Beach County property records.

USCIS West Palm Beach – Boyd Watterson | $19M

Boyd Watterson’s $19 million purchase of an office building leased to the U.S. Citizenship and Immigration Services in Royal Palm Beach topped the August ranking.

South Florida Federal Partners West Palm Beach sold the 38,500-square-foot building at 9300 Belvedere Road for about $500 per foot. The U.S. government uses the building as the West Palm Beach field office for USCIS to process green card and naturalization applications.

The 4.7-acre property last sold in 2007 for $6.6 million, and was developed a year later.

Boyd Watterson focuses on acquiring and managing government-leased real estate and manages more than $2.7 billion in real estate assets, according to its website.

Pointe 1801 – Zaragon | $16.5M

Zaragon picked up a fully leased office building in Plantation for $16.55 million. TA Realty sold Pointe 1801 at 1801 Northwest 66th Avenue sold for about $167 per square foot.

The 99,255-square-foot building last sold in 2007 for $11.8 million.

In October, a subsidiary of Envision Healthcare Corp. inked an 89,140-square-foot lease at the property, which was valued at more than $20 million.

Last year, Pointe 1801 underwent a series of renovations to the lobby, common areas, elevator and parking lot. It was built in 1983.

One Spa World HQ – Midtown Capital Partners | $15M

Midtown Capital Partners bought a Coral Gables office building for $14.75 million, as part of a 12-year sale leaseback with cruise ship spa operator One Spa World.

Steiner Management Services, the parent company of One Spa World, sold the 58,500-square-foot building at 770 South Dixie Highway for about $250 per square foot. The property attracted 13 offers from investors and developers, according to brokers.

Steiner bought the then-vacant building in 2012 for $7.5 million and later renovated the interiors.

The company was acquired by L Catterton in 2015 for roughly $925 million, including the assumption of debt. L Catterton is the result of a merger between Louis Vuitton Moet Hennessy, Groupe Arnault and Catterton Partners.

Pointe Broward – Balogh Jewelers family | $14M

The Balogh Jewelers family paid $14.25 million for an office building in Plantation.

The buyer, 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. The family has been investing in South Florida real estate. 

TA Realty is the seller. The deal for the 78,000-square-foot office building at 8211 West Broward Boulevard breaks downs to about $180 per square foot. 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.

8601 West Sunrise – Fifteen Group Capital | $12M

Fifteen Group Capital bought an office building leased to AT&T in Plantation for $12 million, with plans to reposition the property.

The 14-acre property at 8601 West Sunrise Boulevard traded hands for about $875,000 per acre. The seller, FT-Florida Property LLC, a Delaware company tied to the Winthrop Realty Liquidating Trust. It purchased the building for $28.2 million in 2004.

The 130,550-square-foot office building is home to an AT&T training center, which has been its only occupant since it was developed in 1985 and has a lease expiring in March 2020.