BlackRock Grabs Weston Corporate Centre for $35M

WESTON, FL-An affiliate of BlackRock Realty Advisors of Florham Park, NJ has paid $34.5 million, or just over $232 per sf, for Weston Corporate Centre. The class A office facility, which is located on about 9.8 acres at the southeast corner of Weston Road and Arvida Parkway, consists of two four-story buildings aggregating 148,591 sf.

Bob Sullivan, Steve Miskew and Mack Gaither of West Palm Beach-based RJS Realty Group were exclusive agents for the sellers, Parkway United Ltd. and Weston United Ltd., and identified the buyer and negotiated the transaction. Gaither says the buildings were constructed in 1997 and 1998, and the center “is considered Weston’s premier office location.”

BlackRock handed management and leasing of the property to Miami Beach-based Terranova Corp. Trish Blasi, Terranova’s president, says the center is currently 97% leased. Among the tenants are Levi Strauss & Co., Mitsubishi Electric, DHL, Wachovia Wealth Management, Grant Thornton and Marriott International. Gordon Messinger of Terranova tells GlobeSt.com the rental rate ranges between $22 per sf and $24 per sf.

Less than a month ago, BlackRock and Terranova partnered to acquire Westfork Plaza, a 251,783-sf shopping center in Pembroke Pines from LNR Property Corp. The price tag was $58.4 million, which is coincidentally, the same $232-per-sf tag paid for the office facility here.