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San Francisco investment firm pays $10M for Plantation office building
Seller is an entity managed by Robert Vanecko, nephew of former Chicago Mayor Richard M. Daley
An entity with ties to a San Francisco-based investment firm bought a Bank of America-anchored office building in Broward County for $10.3 million.
The entity, managed by Harvest Properties Associates, acquired the two-story, 34,890-square-foot building at 3800 West Broward Boulevard in Plantation, according to records. Harvest Properties Associates has the same corporate address as Farallon Capital Management, a global asset management firm headquartered in San Francisco, corporate records show.
The seller is an entity managed by Robert Vanecko, the nephew of former Chicago Mayor Richard M. Daley, records show. In 2017, Vanecko’s entity paid $7 million for the class B building, which was built in 1956. In addition to Bank of America, Chrysalis Health is also a tenant.
In the early 2000s, Vanecko and Allison S. Davis — a business partner who once headed a small Chicago law firm that gave former President Barack Obama his first job out of law school — got five city of Chicago pension funds to invest in a real estate deal that went sour, according to published reports. Vanecko pulled out of the partnership in 2009 and the pension funds ended up losing $54.2 million.
Founded in 1986 by hedge fund manager Tom Steyer, Farallon’s real estate investments are focused on office, retail, multifamily and industrial assets, especially properties that can add value through building improvements and management expertise, according to the firm’s website. Farallon has deployed more than $6.5 billion of equity in 237 real estate investments, according to a press release.
Plantation has been experiencing an uptick in real estate investment in recent months. In February, MMB Commercial Properties Company, a Coral Springs firm managed by Radomir Penjevic, paid $12.7 million for Plantation Corporate Center, a 59,070-square-foot office building.
Last month, real estate firm GID dropped $72.7 million for Windsor 335, a newly built, 248-unit apartment complex in Plantation. And in December, MMG Equity Partners paid $17 million for the Plantation Community Plaza, a 35,850-square-foot retail building.