Adler pays $35M for corporate park in Deerfield Beach

Ohio teachers’ pension fund sold the property

TRD MIAMI /
Nov.November 01, 2018 03:30 PM

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.


Related Articles

arrow_forward_ios
From top left, clockwise: Wynwood 28, the Allapattah apartment building, Miami Riverside Center, and the Target-anchored mixed-use project in Miami’s Overtown

Miami board approves 5 major mixed-use, multifamily projects

From top left, clockwise: Wynwood 28, the Allapattah apartment building, Miami Riverside Center, and the Target-anchored mixed-use project in Miami’s Overtown

Mixed-use projects from Swerdlow, Kushner, TSG Group proposed in Miami

1111 Southwest 30 Avenue (Credit: Google Maps and iStock)

Vitamin company sells warehouse in Deerfield Beach for $22M

Shorecrest Club Apartments

CBRE fund pays $132M for Shorecrest Club Apartments in Miami

Arnaud Karsenti, Michael Adler and the Link at Douglas

Douglas Station project scores $99M loan for second tower

JB’s on the Beach and Native Realty's Jaime Sturgis (Credit: Google Maps)

JB’s on the Beach site hits the market for $18M

50 Lock Road (Credit: Google Maps, iStock)

Bottoms up! Double Eagle Distributing center sells for $11M

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

TIAA sells Weston warehouse for $33M

arrow_forward_ios
Loading...