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MIAMI-Aquila Property Co. Inc. of Coral Springs, FL, and AMC Delancey Group Inc. of Philadelphia have formed a joint venture to purchase Lakes Plaza for $4 million or $88.88 per sf from Songy Partners Ltd. of Atlanta.

Lakes Plaza, a two-story, 45,000-sf office building, is the two companies’ second joint-venture acquisition in Miami Lakes in the last 10 months. The 15-year-old, 55%-occupied Lakes plaza is located at 8181 Miami Lakes Drive in Miami Lakes.

Tenants include World Savings Bank and Nenezian & Associates. Aquila Property Co. will manage the property, and Abood Wood Fay will lease it. Donna Abood of Abood Wood Fay Real Estate Group was the only broker involved in the most recent deal. The buyers received a first mortgage from Mellon United Bank.

“We plan to continue to acquire properties with value-added potential throughout the Southeast,” Aquila president Jordan Paul, tells GlobeSt.com. “We’ll look at any income-producing properties.”

Future deals could be Aquila alone or joint ventures, he says. Aquila looks for undermanaged properties. So far, the company has focused on office buildings.

South Florida has “strong long-term potential for us,” AMC Delancey president Kenneth P. Balin says in a prepared statement.

In the same statement, AMC vice president/acquisitions Michael C. Wachs, says, “Our creativitiy and flexibility, along with our long-term investment philosophy has made investing with us attractive for entrepreneurial real estate companies who prefer not to deal with opportunity funds which require that investments be sold within three to five years.”

Balin says “the AMC Delancey philosophy is that the real estate should tell you when it wants to be sold and that external pressures from Wall Street should not be the motivation.”

He says “capital events can occur from a refinance instead of a sale and our real estate partners can concentrate on building and operating a portfolio of properties, knowing that they have a partner with strong real estate expertise and capital to assist them in achieving their goals.”

Last December, Aquila and AMC Delancey jointly purchased Miami Lakes Corporate Center, which has increased in occupancy from 80% to more than 90% since.

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