TMT Properties picks up office building in Delray Beach

Deal was part of a 1031 exchange

Sep.September 20, 2018 10:30 AM

220 Congress Park Drive and TMT’s Joseph Maas, Susan and Paul Burrell

TMT Properties just bought an office building in Delray Beach for $11.4 million.

TMT principal Joseph Maas said the 54,000-square-foot property at 220 Congress Park Drive was part of a 1031 exchange, with the buyer selling two commercial properties in Hollywood for $4.47 million.

The deal breaks down to about $210 per square foot. The seller is a company tied to the Canadian investment firm ICM Realty Group. Records show the company paid $8 million for the nearly 4-acre property in 2014. It was built in 1984.

Cushman and Wakefield’s Scott O’Donnell and Greg Miller represented both sides of the deal. TMT financed the deal with an $8.6 million loan from Grove Bank & Trust. Real estate attorney Michele Softness of Carlton Fields represented the lender.

The building sold 100 percent leased to tenants that include a travel agency firm, WMPH Vacations, and Specialized Healthcare Partners. The office is also leased to a number of government tenants like the offices for the Florida Auditor General and the Florida Department of Juvenile Justice, Maas said.

In March, TMT bought a 112,300-square-foot shopping center in Boca Raton for $18.5 million. 

ICM Realty Group, based in Calgary, Canada is an investment fund and portfolio manager with more than $650 million of assets, according to its website. The company also has an office in Delray Beach.

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