Brookfield pays $36M for part of Deerfield Beach commercial park

Ivy Capital Partners still owns two office buildings at Quorum Business Center

Feb.February 11, 2019 05:30 PM

Brookfield Property Partners CEO Bruce Flatt and Quorum Business Center (Credit: LoopNet)

Brookfield Property Partners bought four commercial buildings at Deerfield Beach’s Quorum Business Center for $36.3 million, adding to Brookfield’s growing investment in South Florida real estate.

Ivy Realty’s Ivy Capital Partners sold the flex industrial buildings, which total about 247,000 square feet, at 712 South Military Trail. Brookfield Property Partners secured a $18.3 million mortgage from Swiss Re Life & Health America to finance the acquisition, records show.

Ivy, a Greenwich, Connecticut-based commercial real estate firm, acquired the four Class A industrial buildings along with two Class A office buildings in the 20-acre Quorum Business Center for about $51 million in 2014. Ivy still owns two buildings in the office park that were not acquired by Brookfield, which total about 156,000 square feet of office space.

Brookfield Property Partners is the commercial real estate arm of Brookfield Asset Management, one of the largest asset managers in the world. In December, Brookfield paid nearly $218 million for the PGA National Resort & Spa in Palm Beach Gardens, marking the largest hotel sale of the year in South Florida. And in June, it bought the Hilton Fort Lauderdale Marina for $170.6 million.

Last year, Ivy Realty closed on a $46.1 million refinancing for its Tower 101 office complex in downtown Fort Lauderdale. The company also owns office buildings in Boca Raton, Miami Beach and Miami.

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