The seller, a high-net-worth family that acquired the portfoliothree years ago, was represented by NAI/Merin Hunter Codman. Theseller was able to realize a $3-million profit on the sale afterthe building's occupancy was increased to 97% through strongleasing efforts.

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The seller had originally acquired the properties as part of a1031 exchange and sold the portfolio to pursue other businessopportunities, NAI/Merin Hunter Codman chairman Neil Merin tellsGlobeSt.com. "The Weston market is very strong. There are few, ifany, sites to build new office buildings," Merin says. "Thesebuildings both have strong anchor tenants and upside potential withthe smaller tenant spaces."

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In an unrelated transaction, a private investment group acquiredthe 52,189-sf Port Royale Financial Center at 6550 N. FederalHighway for $13 million. The property, which was 98% occupied atthe time of the sale, was sold by a group of individuals, many ofwhom are occupants in the building. The buyer was represented byNAI/Merin Hunter Codman and the seller was represented by TomBrymer of Brymer Realty.

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The buyer was attracted to the acquisition due to thehigh-net-worth demographics in the area. "Both buyer and sellerwere pleased with the sale price," says Merin. "Our investor boughtthe property with long-term appreciation and current income inmind."

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