Commercial investor RexxHall Realty has expanded its South Florida holdings beyond apartments to include office space with the $12.75 million purchase of the The Arbors Office Park in Delray Beach.
The office park, built in 1981, at 1615, 1625 at 1690 S. Congress Ave., totals 244,247 rentable square feet. It is 45 percent occupied.
Stuart T. Kapp of Proskauer Rose LLP served as New Rochelle, N.Y.- based RexxHall’s legal counsel in the transaction. He said the purchase is part of his client’s overall plan to reach a critical mass in the market.
“RexxHall has significant opportunity for upside potential through the lease-up of the vacant space, which they are confident that they will be able to accomplish,” said CBRE Vice Chairman Christian Lee, who represented seller TA Associates, in a statement. “They have a big capital budget and plan to renovate the buildings and implement an aggressive leasing program.”
Key tenants at the Class A office park include Alfred Angelo, Sperry & Hutchinson, Twin-Star International and Escalate.
Charles Foschini and Christopher Apone, with CBRE’s Institutional Group in Miami, and Scott O’Donnell and Dominic Montazemi, of the Private Capital Group in Palm Beach County, also represented the seller. No buyer representative was involved in the transaction.
RexxHall Realty, which has office in Miami, owns more than 450 rental apartments in the city’s Little Havana neighborhood. It owns and operates more than 5.5 million square feet of commercial real estate in New York, New Jersey, Connecticut, Florida and Pennsylvania.
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