Denholtz Properties buys Deerfield Beach buildings for $28M

Ivy Realty sold the office buildings months after selling a four-building portfolio next door

TRD MIAMI /
Nov.November 05, 2019 10:39 AM
776-858 Military Trail and Denholtz Properties CEO Steven Denholtz

776-858 Military Trail and Denholtz Properties CEO Steven Denholtz (Credit: Google Maps)

Denholtz Properties picked two Deerfield Beach office buildings for $27.65 million in a booming office market.

The Red Bank, New Jersey-based real estate investment firm purchased a 157,438-square-foot portfolio at 602-668 and 776-858 Military Trail for $175 per square foot. Ivy Realty sold the buildings, months after selling a portfolio of four buildings next door.

Denholtz Properties secured a $20.59 million loan from BankUnited to acquire the property.

602-668 Military Trail 

602-668 Military Trail

CBRE’s Christian Lee and José Lobón represented the seller in the transaction. The property is 98 percent leased. The building was built in 1998. The office portfolio features an above-market parking ratio of 4.0 per 1,000 square feet, according to a release.

The property sits less than 1.5 miles from two I-95 interchanges as well as 2.8 miles from the Florida Turnpike and Sawgrass Expressway interchange.

Ivy Realty, a Greenwich, Connecticut-based real estate investment firm, has acquired more than $2.2 billion in assets.

In February, Ivy Realty sold four commercial buildings totaling about 247,000 square feet at 712 South Military Trail to Brookfield Property Partners for $36.3 million.

The company recently sold an office building in August just off Lincoln Road in Miami Beach for $10.1 million.

Denholtz Properties owns commercial and residential properties in New Jersey, Pennsylvania and Florida, including the 10-story Tampa Bay Times building in Tampa.


Related Articles

arrow_forward_ios
Charles Cohen and a rendering of the project (Getty, Pelli Clarke Pelli Architects)

Billionaire Charles Cohen proposes 338-foot tall office tower in West Palm

Billionaire Charles Cohen proposes 338-foot tall office tower in West Palm
4700 North Congress Avenue and Velocis Managing Partner Fred Hamm (Google Maps)

Private equity firm sells West Palm medical offices at discount

Private equity firm sells West Palm medical offices at discount
Swire president Kieran Bowers and Brickell City Centre (Google Maps)

Swire sells Brickell City Centre office buildings for $163M

Swire sells Brickell City Centre office buildings for $163M
As resi brokers in South Florida report an uptick in sales and rentals largely fueled by homeowners fleeing dense markets like New York, office brokers say they’re starting to see a similar trend play out among tech firms. (iStock)

More tech firms eye Miami as Covid carries on

More tech firms eye Miami as Covid carries on
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
NAI/Merin Hunter Codman Chairman Neil Merin and Golden Bear Plaza

Golden Bear Plaza office complex in Palm Beach Gardens sells for $50M

Golden Bear Plaza office complex in Palm Beach Gardens sells for $50M
Anabella Smith, Louis Archambault, Scott Goldstein

“There’s a lot of concern about going back to an office”: how companies are returning to work in South Florida

“There’s a lot of concern about going back to an office”: how companies are returning to work in South Florida
Jeff Greene and a rendering of 550 North Quadrille Boulevard (Credit: Arquitectonica International via Facebook)

Billionaire Jeff Greene battles with WPB mayor over unfinished office building

Billionaire Jeff Greene battles with WPB mayor over unfinished office building
arrow_forward_ios

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

Loading...