Louis Rogers, president of Triple Net, acknowledges that the price is high, "yet, we are bullish on South Florida and aim to buy more properties there," he tells GlobeSt.com. "We're excited about the job growth, quality of life and general vitality of the area. We're constantly looking for value." Texas and California are also in the company's sights in addition to the Carolinas and Milwaukee among other areas.
The 11-story, 213,500-sf class A building at 18851 NE 29th Ave. was completed in 2003 and is 87% leased to 35 tenants. Among them are Bank Hapoalim BM, Aventura Business Centers Inc. and UBS Financial Services. The rental rate averages $25 per sf, Steve Leathers of Triple Net's acquisition team tells GlobeSt.com.
Leathers represented the TIC buyers in the transaction. Peter Broccolo of Barrington, IL-based Fulcrum Asset Advisors, represented the seller, identified as Harbour Centre Associates. Chicago-based LaSalle Bank provided financing, which was arranged by Eric Tupler of the Denver office of CBRE LJ Melody. Rogers declined to disclose the amount or terms of the loan.
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