In one of the first major transactions to break through the all-to-quiet South Florida commercial real estate market this year, Duke Realty Corporation has closed on its purchase of Royal Palm at Southpointe, located at 900 and 1000 South Pine Island Road in Plantation.
It is rumored that Duke paid about $102 million, or $220 per square foot, for the 8- and 9-story Class A office buildings. Royal Palm is home to tenants including Equitrac Corp and Ameriprise Financial. Both buildings are close to fully occupied, at a vacancy rate of less than 10%.
The Hogan Group developed Royal Palm I in 2001 and Royal Palm II in 2007. Christopher Gallagher, Vice President, Leasing, will handle the leasing efforts for the newly purchased properties. The buildings were previously represented by Greg Martin, Broward office leasing specialist with Flagler Real Estate Services (FRES). Greg was previously with Cushman & Wakefield up until May of this year.
Duke officials could not be reached for comment.
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