Denholtz Properties Expands Florida Footprint
- Nov 11, 2019
Ivy Realty has sold two buildings, totaling 157,438 square feet, in a Class B office park in Deerfield Beach, Fla., for $27.7 million. The buyer, Denholtz Properties, received a $20.6 million loan from BankUnited to finance the acquisition of the single-story assets. CBRE worked on behalf of the seller and obtained the financing for Denholtz, who plans to expand further in the state.
The properties offer 14-foot clear span heights and a parking ratio of four spaces per 1,000 square feet. Located at 602 South Military Trail, the complex is within 1.5 miles from Interstate 95 and 2.8 miles from Sawgrass Expressway Interchange, on Florida’s Turnpike. According to Yardi Matrix, the seller had acquired Deerfield Corporate Office Park in December 2014 from KTR Capital Partner as part of a $51 million portfolio deal that included four more buildings in the same office park.
The seller was represented by the CBRE Capital Markets team of Vice Chairman Christian Lee and Executive Vice President José Lobón, which also mediated the recent sale of a Miami office tower. Vice President Amy Julian oversaw the financing. South Florida’s office market absorbed 7.6 million square feet over the last 5 years, more than doubling the 3.6 million square feet of new deliveries in the same time frame, according to Lobón.