TMT Properties picks up office building in Delray Beach

Deal was part of a 1031 exchange

TRD MIAMI /
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.


Related Articles

arrow_forward_ios
Rendering of Echelon in Delray Beach

Developer plans boutique oceanfront condo project in Delray Beach

Developer plans boutique oceanfront condo project in Delray Beach
3200 South Federal Drive Delray Beach, Oak Street Real Estate Capital’s Jim Hennessy (Credit: Google Maps and LinkedIn)

Private equity firm sells Walgreens in Delray Beach for $8M

Private equity firm sells Walgreens in Delray Beach for $8M
Randy Klein and Ocean Delray (Credit: LinkedIn)

Crestron CEO to pay $7.6M for Delray Beach condo

Crestron CEO to pay $7.6M for Delray Beach condo
Delray Trails and Mike Nunziata

13th Floor closes on 120-acre golf course for active adult community

13th Floor closes on 120-acre golf course for active adult community
William Dabbs

Contractor guilty of manslaughter in fatal shooting of his boss

Contractor guilty of manslaughter in fatal shooting of his boss
Craig Menin and 301 East Atlantic Avenue in Delray Beach (Credit: Google Maps)

Menin Development buys Johnnie Brown’s building in Delray Beach

Menin Development buys Johnnie Brown’s building in Delray Beach
9200 Rockybrook Way and Senada Adzem (Credit: Douglas Elliman)

Lakefront estate west of Delray Beach sells for $17M

Lakefront estate west of Delray Beach sells for $17M
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

TIAA sells Weston warehouse for $33M
arrow_forward_ios

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

Loading...