Practice Makes Perfect For C&W
The Cushman & Wakefield team reports repeated office sale in South Florida sees 60% rent growth and increased confidence in suburban offerings.
A Cushman & Wakefield team negotiated the sale of the renovated Congress Office Park in Delray Beach three times in the past six years, with rising prices each time.
The property traded for $4.3 million ($79 per square foot) in 2012 at 50% occupancy after being foreclosed upon by Wells Fargo Bank. In 2014, ICM Realty Group acquired the asset for $8.0 million ($148 per square foot) at 83% occupancy.
“Throughout our extensive experience at 220 Congress, we’ve witnessed more than 60% rent growth and increasing confidence in the capital markets for suburban office assets given the lack of new supply,” said Scott O’Donnell.
The Cushman & Wakefield Capital Markets team of Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar and Jason Hochman negotiated the sale on behalf of ICM Realty Group. Coral Springs-based TMT Properties, Inc. acquired the 54,006-square-foot office building in Palm Beach County for $11.4 million ($211 per square foot).
Team Closes Over $1B In Last Two Years
The South Florida Commercial Team of O’Donnell, Montazemi, Alcivar, Miller and Hochman has closed over $1 billion in sales and financing over the last two years.
Congress Office Park is a three-story, suburban office building developed in 1985 on a ±3.8-acre site. The building features below-grade executive parking, ample surface parking, outdoor patio seating and lake and golf course views.
The recently renovated office building was 100% leased at the time of sale. Notable tenants included WMPH Vacations, Specialized Healthcare and Capital Confirmation. The Cushman & Wakefield office leasing team of John Criddle and Joseph Freitas represented ICM Realty Group in bringing the building to full occupancy. “The lease-up of Congress Office Park was driven by the building’s exceptional access to Interstate 95 and local amenities, the unique availability of below-building parking and tenants’ desire to locate their operations within the thriving Delray Beach market,” said Criddle.
Congress Office Park’s location at 220 Congress Park Drive in southeast Palm Beach County offers easy access to Interstate 95 as well as downtown Delray Beach, downtown Boca Raton and the Palm Beach and Fort Lauderdale International Airports. The building is a short walk from the Delray Beach Tri-Rail and Amtrak station and surrounded by newly developed multifamily communities.