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BROWARD COUNTY, FL-Three office properties with a total of 107,000 sf have been sold for a combined price of $28.3 million. A pension fund advisor acquired a 54,633-sf, two-property office portfolio in Weston for $15.3 million. The properties are located at 1040 Weston Rd., at the entry to the Weston Commerce Center, and 1625 N. Commerce Parkway, adjacent to a shopping center with a Publix supermarket.

The seller, a high-net-worth family that acquired the portfolio three years ago, was represented by NAI/Merin Hunter Codman. The seller was able to realize a $3-million profit on the sale after the building’s occupancy was increased to 97% through strong leasing efforts.

The seller had originally acquired the properties as part of a 1031 exchange and sold the portfolio to pursue other business opportunities, NAI/Merin Hunter Codman chairman Neil Merin tells GlobeSt.com. “The Weston market is very strong. There are few, if any, sites to build new office buildings,” Merin says. “These buildings both have strong anchor tenants and upside potential with the smaller tenant spaces.”

In an unrelated transaction, a private investment group acquired the 52,189-sf Port Royale Financial Center at 6550 N. Federal Highway for $13 million. The property, which was 98% occupied at the time of the sale, was sold by a group of individuals, many of whom are occupants in the building. The buyer was represented by NAI/Merin Hunter Codman and the seller was represented by Tom Brymer of Brymer Realty.

The buyer was attracted to the acquisition due to the high-net-worth demographics in the area. “Both buyer and seller were pleased with the sale price,” says Merin. “Our investor bought the property with long-term appreciation and current income in mind.”

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