The Real Deal Miami

South Florida’s largest office sales in September

The biggest sale was Millennium Management's purchase of three properties
By Keith Larsen |
Research by Laura Hanrahan
October 10, 2018 10:30AM

Photos of the five properties

South Florida’s five biggest office sales in September occurred outside of Miami, in Broward and Palm Beach counties.

September lacked any large trophy office sales, but data compiled by The Real Deal suggest that there is still a lot of activity in South Florida’s broader office market. It also speaks to the continued strength of the Class B office market in Broward County.

Three Broward medical office buildings – Millennium Management | $41M

The largest office deal of the month involved three medical office properties in Tamarac and Lauderhill, just outside of Fort Lauderdale. Millennium Management paid $41.3 million for three properties at 5901 Northwest 79th Avenue, 6931 West Sunrise Boulevard, and 2599 Northwest 55th Avenue.

Toledo-based real estate investment firm Welltower sold the Manorcare Health Services facility at 6931 West Sunrise Boulevard in Plantation for $14.2 million, and the Heartland of Tamarac nursing home at 5901 Northwest 79th Avenue for $15.4 million.

Miami-based Millennium operates nursing homes in South Florida and across the United States. In 2016, the company paid $15 million for a psychiatric campus in Hialeah.

Waterway Shoppes, Coral Springs — Asuman G. Polat | $28.6M

Ross Realty Investments sold three commercial office buildings in Coral Springs for $28.6 million.

The buildings are located just off the Sawgrass Expressway on Coral Ridge Drive and consist of a mix of retail and office properties totaling 130,985 square feet, which breaks down to about $330 per square foot.

The buyer of the properties was an LLC led by private investor Asuman G. Polat, who also recently sold a property at 41 West 57th Street in Manhattan.

Tiktin Real Estate Investment Services’ Adam J. Tiktin and Alejandro Snyder represented the sellers.

Tiktin said Ross Realty spent about $14 million assembling the lots and developed the properties between 2006 and 2008. The office portfolio is leased to a number of medical tenants including Memorial Healthcare Systems and All Source Recruiting Group.

Sawgrass International Corporate Park, Sunrise — Starwood Capital Group | $27.25 million

A Starwood Capital Group affiliated company sold an office building within Sawgrass International Corporate Park in Sunrise for $27.25 million. 

Starwood sold the property to a joint venture between Barron Collier Cos. and Vanderbilt Office Properties, property records show.

The group financed the deal with a $13.55 million loan from Wells Fargo Bank. The 95,800-square-foot, three-story building is home to Ford Motor Co. and Performant Financial Corp

The property last sold for $20 million in 2015.

Barron Collier Companies operates commercial real estate, residential properties, oil exploration, agri-business and golf courses in Florida. Collier County in southwest Florida is named after the company’s founder, Barron Collier.

220 Congress Park Drive, Delray Beach — TMT Properties | $11.4 million

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

The 54,000-square-foot property at 220 Congress Park Drive was part of a 1031 exchange. The deal equates to $210 per square foot.

The seller is a company tied to the Canadian investment firm ICM Realty Group. ICM Realty Group paid $8 million for the nearly 4-acre property in 2014, records show. It was built in 1984.

TMT financed the deal with an $8.6 million loan from Grove Bank & Trust.

The building is 100 percent leased and its tenants include WMPH Vacations and Specialized Healthcare Partners. The offices are also leased to a number of government tenants like the Florida Auditor General and the Florida Department of Juvenile Justice, Maas said.

800 Northwest 33rd Street, Pompano Beach — Mapletree Investments | $5.4 million

Mapletree Investments bought an office building at 800 Northwest 33rd Street in Pompano Beach for $5.4 million. 

The Pompano Beach building at 800 Northwest 33rd Street is leased to the South Florida Regional Transportation Authority, which oversees transportation projects in Broward, Miami-Dade and Palm Beach counties.

The deal is part of a much larger portfolio deal that included properties in the U.S. and abroad, with a total value of about $1.1 billion.