Visit Us On FacebookVisit Us On LinkedinVisit Us On Instagram
Visit Us On FacebookVisit Us On LinkedinVisit Us On Instagram

Office campus in Broward sells for $33M

Pompano Beach-based commercial real estate firm Grover Corlew paid $32.5 million for Hillsboro Center, an office campus in Deerfield Beach, according to CUshman & Wakefield.

TEQ Hillsboro LLC, a joint venture between Tri Gate Capital, Equitable Real Estate Partners and Commercial Florida Realty Partners, sold the five buildings totaling 216,114 square feet at 600 to 700 W. Hillsboro Blvd. Miami Lakes-based Bank United (NYSE: BKU) provided a $24.8 million loan to the buyer.

The price equated to $150 per square foot.

Cushman & Wakefield’s Mike Davis, Scott O’Donnell, Dominic Montazemi, Rick Brugge, Greg Miller and Miguel Alcivar brokered the deal for the seller. Jason Hochman, also of Cushman & Wakefield, helped the buyer secure financing.

Hillsboro Center last traded for $22 million in 2015. The five buildings were developed on the 14-acre campus between 1983 and 1985. The campus includes a cafe and a bank. It recently received $2.7 million in renovations.

“Hillsboro Center is a unique asset offering unmatched flexibility for its diverse roster of credit tenants,” said Davis. “Further, the property can accommodate Class A tenants seeking structured or executive-level parking, as well as back office users with higher-density surface parking requirements:’

It is 88 percent leased, with tenants including Dart Container Sales, Complex Clinical Management, Smart Procure, Darby Dental Supply and Pylon Manufacturing.

The property is just east of Interstate 95 and its zoning would allow for redevelopment with greater density, Cushman & Wakefield noted.

“Hillsboro Center is a tremendous long-term investment for us;’ said Grover Corlew Partner Mark Corlew. “This high-end complex fits in perfectly with our portfolio of signature office properties:’