Deerfield Beach, FL – November 4, 2019 – CBRE has executed the $27.65 million sale of Deerfield Corporate Office Park on behalf of Ivy Realty, and a $20.59 million loan from BankUnited on behalf of the buyer, Denholtz Properties. The 98-percent leased, 157,438-square-foot portfolio consists of two single-story office buildings in Deerfield Beach, Florida. The sellers were exclusively represented by the CBRE Capital Markets team of Vice Chairman Christian Lee and Executive Vice President José Lobón. Vice President, Amy Julian oversaw the financing.
“South Florida’s office market fundamentals are tremendously robust. It absorbed 7.6 MSF over the last 5 years, more than doubling the 3.6 MSF of new deliveries over the same timeframe,” said Executive Vice President José Lobón.
“With strong, consistent market fundamentals coupled with limited new projects currently under construction, the South Florida office market is well-positioned to continue to outperform the nation over the near term,” added CBRE Vice Chairman Christian Lee.
The best-in-class office portfolio features an above-market parking ratio of 4.0 per 1,000 SF and 14’ clear span heights, ideal for the buildout of creative office space with exposed ceilings. The buildings are located within a professionally-landscaped and institutionally maintained business park settings. Located less than 1.5 miles from two Interstate 95 interchanges as well as 2.8 miles from the Florida’s Turnpike / Sawgrass Expressway interchange, Deerfield Corporate Park’s strategic location offers unrivaled transportation dynamics – 1.9 million people live within a half-hour commute of the Property.
“For many years, we have been incredibly bullish about the prospects for the South Florida market. With rapid population growth, a tremendous talent pool, dynamic cities, and a variety of employers, this market is well positioned for continued strength,” added Steven Denholtz, CEO of Denholtz Properties. J
P Josephson, Director of Florida Acquisitions for Denholtz Properties commented, “Deerfield Corporate Park’s stable occupancy history, its institutional ownership history, and its central location to all of South Florida was integral in our decision to pursue this acquisition. We continue to pursue similar transactions throughout Florida and would like to thank Ivy and CBRE in getting this transaction closed”.
The CBRE Capital Markets team also included Financial Analyst Royce Rose, and Vice President Owen Sagar, with CBRE Leasing.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
