The Real Deal Miami

Adler pays $35M for corporate park in Deerfield Beach

Ohio teachers’ pension fund sold the property
By Amanda Rabines | November 01, 2018 03:30PM

Matthew Adler of Adler Real Estate Partners and Quadrant Business Center

Adler Real Estate Partners just bought a corporate park in Deerfield Beach for $35.1 million.

The State Teachers Retirement System of Ohio sold the 280,000-square-foot, seven-building property at 348-398 and 402-636 Southwest 12th Avenue. Records show STRS Ohio assembled the properties between 1985 and 1995 for a total of $12.85 million.

The purchase gives Adler 15.5 acres of land and more than 304,000 square feet of commercial real estate space. The one-story buildings feature a mix of office, flex and showroom space.

Records show Adler financed the deal with a $23.6 million loan from Fifth Third Bank.

Tenants at the Quadrant Business Center have included Coverall North America, Breezer Holdings, Guardian Pharmacies and Blue Ocean Ventures. Robert Listokin with Colliers International South Florida handled leasing.

The Ohio state teachers’ pension fund had owned the Quadrant Business Center for more than two decades. It also owns a roughly 20 percent stake in the Coach-anchored 10 Hudson Yards building in New York.

Earlier this year, Adler Real Estate Partners launched a $150 million commercial real estate fund targeting light industrial real estate and office properties.