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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.