WELLINGTON, FL-The Wellington Reserve Office Park here has been sold at a deep discount to a North Miami-based real estate investment firm.
An affiliate of I.M.C. Property Management acquired the distressed property at 1035-1049 State Road 7 for $10.5 million, which calculates out to a 64% discount from the $28.8 million mortgage owed on the property, according to the South Florida Business Journal.
Carlos Segrera, I.M.C.'s director of acquisitions and finance, says it purchased approximately 100,000 square feet of office and retail space there, with another 40,000 square feet previously sold to office condo owners. The Class A medical office at the complex is 60% occupied by tenants such as Comerica Bank, Palm Beach Atlantic University and Premier Health. See story in the South Florida Business Journal.
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