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TMT Properties picks up office building in Delray Beach
Deal was part of a 1031 exchange
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.