Southeast Florida Office Portfolio Sale Brokered by IPA
PLANTATION, Fla., Feb. 14, 2018 - Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of Plantation Corporate Center I & II, a two-building, 239,616-rentable-square-foot office portfolio located within the Jacaranda Park of Commerce in Plantation, Florida.
"Plantation Corporate Center I & II is a high-end asset with stable income that presents new ownership with an opportunity for future upside through re-leasing and potential development," says Douglas K. Mandel, senior managing director. "Both assets are leased to Crawford and Company through 2021, with Centerfield and Aetna Life Insurance Co. occupying the buildings under sublease agreements."
Mandel and C. Todd Everett, SIOR represented the seller, a limited liability company and procured the buyer, a joint venture partnership between IP Capital Partners, LLC and a fund managed by Westport Capital Partners LLC.
Plantation Corporate Center I & II is located on a 20.3-acre lakefront land parcel at 1600 and 1601 SW 80th Terrace between University Drive and Pine Island Road on the north side of Interstate 595. Access to Florida's Turnpike, Interstate 95, and the Sawgrass Expressway is nearby. There are two full-scale shopping malls, many retail plazas and five golf courses within a one-mile radius of the property.