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CORAL SPRINGS, FL-Heron Bay I and II, which make up a class A office complex in the city, have been sold for $19.7 million. Heron Bay Holdings purchased the two-building complex from Ross Jaffe Matz Partners Ltd. The sale price equates to approximately $221.35 per sf. WhiteStar Advisors LLC advised the pension fund, Heron Bay Holdings, in the sale, which closed Oct 1.

The 89,000-sf complex is located at 11555 and 11575 Heron Bay Blvd., adjacent to the Heron Bay TPC Golf Course and the Marriott Hotel and Convention Center. The overall occupancy of the two buildings is about 98%. Located at the complex are the South Florida headquarters of an undisclosed major national real estate development company, a national securities firm and corporate executive suites. No names of tenants in the buildings were released.

This particular property was a good purchase due in part to the quality of the asset. “It’s a signature building in a prime location,” says Billy Looper, principal of Mack Lane Real Estate who represented the buyer in the transaction. “It’s a good opportunity for their first entry into this (South Florida) market.”

The buyer is based in California; the seller, which represented itself in the transaction, is based in Davie, FL. This purchase is the first of several planned commercial investments in South Florida for its pension fund clients, according to John Lundsten, managing director of WhiteStar Advisors.

“They are looking for investment-grade properties, usually office buildings or retail,” and they are looking for properties costing probably $4 million and up, says Looper. “They see the long-term growth of South Florida and want to be a part of it.”

Fort Lauderdale’s Mack Lane Real Estate, the exclusive correspondent broker for WhiteStar Advisors in Florida, is handling leasing at Heron Bay I and II.

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