PEBB, Tortoise Acquire Fully Leased FL Office Asset
- Jun 20, 2018
A joint venture between PEBB Enterprises and Tortoise Properties has acquired ADT Inc.’s global headquarters in Boca Raton, Fla., for $42 million or $245 per square foot. Cushman & Wakefield negotiated the transaction on behalf of the seller, RAIT Financial Trust.
Located at 1501 Yamato Road, the property comprises 171,489 square feet across a 10-acre site. Built in 1983, the Class A office building features a skylit atrium, water feature, porte cochere, golf course views and a parking garage. The asset is fully occupied by ADT and is situated within The Park at Broken Sound, a 700-acre mixed-use park.
The Cushman & Wakefield Capital Markets team of Executive Directors Scott O’Donnell, Michael Lerner and Rick Brugge, Managing Director Dominic Montazemi, Executive Managing Director Mike Davis and Senior Associate Greg Miller, negotiated the sale.
Senior Director Jason Hochman of Cushman & Wakefield’s Equity, Debt & Structured Finance Group assisted the PEBB/Tortoise team in securing a $28.6 million, non-recourse acquisition loan with a low-interest rate and flexible prepayment terms.
“(The property) represented an attractive opportunity for an investor to acquire the most prominent asset along the Yamato Road corridor with predictable and secure cash flows driven by a premier credit tenant,” said O’Donnell, in a prepared statement.
The South Florida Commercial Team of O’Donnell, Montazemi, Miguel Alcivar, Miller and Hochman have closed more than $1 billion in sales and financing over the last two years. Last month, the team represented Denholtz Associates in the $6.9 million sale of Flamingo Commerce Center, an industrial asset in Riviera Beach, Fla.
Image courtesy of Yardi Matrix