South Florida real estate investors Highline Real Estate Capital and Sefira Capital sold a Weston office building for $8.3 million.
Fort Lauderdale-based Fox Ridge Capital bought Weston Commerce Center at 1625 North Commerce Parkway from Highline and Sefira affiliate HRE/Sefira Weston Office, according to a release. Built in 1991, the three-story building has 33,720 rentable square feet and is fully leased.
Fox Ridge Capital, led by Grant Horwitz, is a private real estate and asset management firm with properties across the U.S. and a focus on South Florida, Orlando, Tampa and Atlanta, according to its website.
The sale of the office building completes the investors’ disposition of their Weston portfolio for a total of $17.2 million. In December, the firms sold the office building at 1040 Weston Road to Shaked 21 for $8.9 million. The buyer is led by personal injury attorney and Aventura real estate agent Sagi Shaked and his wife, attorney Anat Shaked.
David Duckworth, John Crotty, Michael Fay, Brian de la Fé, Emily Brais and Berkley Bloodworth of Avison Young represented the sellers in the disposition of both office buildings.
Records show Highline and Sefira bought the two-building portfolio in November 2017 for $13 million from Realty Associates Fund VIII, a fund of Boston-based TA Realty. They fully leased the portfolio after buying it at 82 percent occupancy, according to the release.
Tenants at Weston Commerce Center include a dentist, an insurance agency and an orthodontist. JPMorgan Chase anchors 1040 Weston Road, and other tenants include Advanced OBGYN Institute, Sweet Tooth Pediatric Dentistry and Zombek Orthodontics.
Miami-based Highline Real Estate, led by David Moret, focuses on adding value to commercial properties, according to its website. North Miami Beach-based Sefira, led by founders Aby Galsky and Mijael Attias, is a boutique investor with a portfolio of hotels, multifamily, offices and storage facilities across the U.S., according to its website.
Highline Real Estate and Sefira in March of last year also sold Courthouse Place, an office mid-rise building in downtown Fort Lauderdale for $18.2 million. The building is a block from the courthouse and its tenants include the Florida State Attorney’s office.
South Florida office deals have picked up in recent months, including Related Companies’ $282 million purchase in January of the downtown West Palm Beach office towers Phillips Point.
The Northeast Capital Group last month bought an office building at 5040 Northwest Seventh Street for $14.5 million. Last July, Bridge Investment Group sold the Bayview Corporate Tower in Fort Lauderdale for $82.5 million.