TMT Properties buys Delray Beach offices

The deal is part of a 1031 exchange

Miami /
Sep.September 27, 2019 03:00 PM
From left: Joseph Maas, Susan Burrell and Paul Burrell of TMT Properties and 190 Congress Park Drive (Credit: Google Maps)

From left: Joseph Maas, Susan Burrell and Paul Burrell of TMT Properties and 190 Congress Park Drive (Credit: Google Maps)

UPDATED, Sept. 28, 2019, 11:20 a.m.: TMT Properties bought two office properties in Delray Beach for $10.1 million, a year after buying an adjacent building.

Coral Springs-based TMT Properties purchased the two 30,000-square-foot Class B buildings at 190 and 200 Congress Park Drive for $168 per square foot, according to TMT Properties. The seller is Parkview Properties.

The purchase was part of a 1031 exchange, according to Joseph Maas general manager of TMT Properties.

Watershed Treatment Programs, which occupies about 20,000 square feet as one of the largest tenants at the office buildings, recently announced that it is laying off more than 200 employees and will liquidate its assets.

Watershed, an addiction treatment center, is still paying rent as it winds down its operations, according to Maas. He said the departure of Watershed allowed the group to buy the property at a discount.

Other tenants at the office properties are largely medical firms, law firms and accounting firms, Maas said.

TMT plans to paint some of the buildings and make some minor aesthetic changes, but does not expect any major renovations.

In September 2018, TMT purchased the office property at 220 Congress Park Drive for $11.4 million. Maas said the most recent acquisition means the firm is also taking over management of the Congress Park Association.

In 2018, TMT Properties bought a large shopping center in Boca Raton at 11401 West Palmetto Park Road for $18.5 million.

Delray Beach is one of the hottest markets for new development in Palm Beach County. Pebb Capital recently paid $40 million to acquire the Midtown Delray Beach mixed-use site on Atlantic Avenue. It could include 50,000 square feet of retail and restaurant space, 90,000 square feet of office space, and about 100,000 square feet of residential units or hotel space.


Related Articles

arrow_forward_ios
James and Marta Batmasian, Investment Limited (LoopNet, Investment Limited)
James Batmasian pays $19M for downtown Delray Beach retail, offices
James Batmasian pays $19M for downtown Delray Beach retail, offices
Investment firm snaps up Delray Beach condo complex in $14M bulk purchase
Investment firm snaps up Delray Beach condo complex in $14M bulk purchase
Investment firm snaps up Delray Beach condo complex in $14M bulk purchase
An aerial of Villa Del Ray Golf Course at 5901 Via Delray with 13th Floor Investments’ Arnaud Karsenti and Lennar’s Stuart Miller (Google, 13th Floor, Lennar)
Lennar pays $19M for golf course near Delray Beach approved for resi community
Lennar pays $19M for golf course near Delray Beach approved for resi community
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Planet Fitness CEO Chris Rondeau with 978 Gardenia Drive in Delray Beach (Getty, Realtor)
Judgment free zone? Planet Fitness CEO sells Delray Beach mansion
Judgment free zone? Planet Fitness CEO sells Delray Beach mansion
Menin Development makes $10M play for Delray Beach hotel
Menin Development makes $10M play for Delray Beach hotel
Menin Development makes $10M play for Delray Beach hotel
Nonprofit arts and culture organization sues Delray Beach over lease termination
Nonprofit arts and culture organization sues Delray Beach over lease termination
Nonprofit arts and culture organization sues Delray Beach over lease termination
TA Realty buys SofA apartments in Delray Beach for $83M
TA Realty buys Delray Beach apartments for $83M
TA Realty buys Delray Beach apartments for $83M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...