Heron Bay Corporate Center Trades For $20 Million

CBRE arranged the sale of Heron Bay Corporate Center I & II, an 89,043-square-foot premier office campus situated on 6.02 acres in Coral Springs. The property at 11555 & 11575 Heron Bay Boulevard was acquired from Ivy Heron Bay, LLC by Benedict Realty Group, LLC for $20.2 million. CBRE represented the seller.
 

“Seller Ivy Realty had partnered with CBRE’s Brokerage Office Services team to expeditiously complete a textbook repositioning of Heron Bay Corporate Center I & II through creative lease structures,” said Senior Vice President Scott O’Donnell of CBRE Investment Properties.  “During just three years of ownership, the seller was able to expertly increase occupancy from under 30% to 100% today. As a result, we received a strong response to this core-plus offering from domestic and offshore equity sources that were attracted to the combination of both the secure cash flow and the value-add component from lease rates that are now below market.”

 

Added David G. Archibald, CIO, Ivy Equities: “Ivy appreciates the partnership with and effort by CBRE throughout our successful repositioning and sale of the asset.”

Heron Bay Corporate Center consists of two three-story office buildings with an overall occupancy rate of 100%. The Class A buildings were constructed between 1999 and 2001 and are home to a number of corporate tenants including AOD Software, Pearl Holding Group, Regus, and Century Link. The office campus straddles the communities of Coral Springs and Parkland, Florida and is located less than half a mile north of the Sawgrass Expressway.
CBRE’s Dominic Montazemi, Christian Lee, Miguel Alcivar, Travis Herring and Deanna Lobinsky collaborated with Mr. O’Donnell in arranging the transaction. Jason Hochman of CBRE Debt and Structured Finance sourced extremely attractive debt options for the buyer.
 

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