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.

Related Articles

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Daily Digest Miami

LeBron James’ Unknwn store is opening Dec. 5, Palm Beach Gardens showroom trades for $10M

Walgreens at 3200 South Federal Highway

Walgreens sells Delray Beach store on Federal Highway

Midtown Delray, Todd Rosenberg

Pebb Capital pays $40M for once-named Midtown Delray site

Rendering of Ocean Delray

Ocean Delray nabs $73M construction loan

Photo illustration of Grant Cardone (Credit: iStock)

A look at Grant Cardone’s real estate portfolio and how he raised $15M in 90 minutes at Marlins Park

ABC Carpet & Home

Collier family converting former ABC Carpet & Home in Delray to facility for car collectors

From left: Joseph Maas, Susan Burrell and Paul Burrell of TMT Properties and 190 Congress Park Drive (Credit: Google Maps)

TMT Properties buys Delray Beach offices