Office/Warehouse Changes Hands for Third Time in 17 Years

DEERFIELD BEACH, FL-Old office/warehouse structures don’t die around this neck of the woods. They only go up in price as they grow older. Take the 60,920-sf, 17-year-old property at 602 S. Military Trail for example. The building sold for $2.76 million or $45.30 per sf in 1996, and $4.41 million or $72.39 per sf in 1999.

The newest owner, Quorum Business Center, paid $4.48 million or $80.16 per sf. Deerfield Flexxspace Ltd., whose partners include AP-Adler Investment Fund headed by Joel Levy, sold the asset. Alexander Hamilton Life Insurance Co. cemented the deal by allowing the buyer to assume a 1999 mortgage of $3.97 million.

The structure was built in 1983 by Atlanta-based developer Crow-Childress-Taylor Ltd. After it was taken over by M&K Wilkow Florida, the property was foreclosed in 1993. The original lender, Mutual Life Insurance Co. of New York, then sold the building for $2.76 million in 1996. The current seller, Deerfield Flexxspace, bought the real estate in July 1999 for $4.41 million.