Denholtz Properties buys Deerfield Beach buildings for $28M

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

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.

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