Fox Ridge JV Pays $50M for South Florida Office Campus

Venture Corporate Center I

Ares Management Corp. has sold Venture Corporate Center, a Class A office campus totaling nearly 270,000 square feet in Hollywood, Fla., for $50 million, according to public records. Ares added the properties to its portfolio in July, through its high-profile acquisition of Black Creek Group.

The buyers—Fox Ridge Capital and Jackson Land Development—have secured a $46.3 million acquisition loan funded by Argentic Real Estate Investment, Broward County records show. The mortgage has a three-year term.

Venture Corporate Center I, II and III last traded in 2015, when MetLife Real Estate Investment sold the three-property portfolio for $45.8 million, public records show.

The office properties, located at 3440 Hollywood Blvd. and 200 and 300 S. Park Road, were built in the early 1980s. All three four-story buildings underwent renovations in 2014, according to CommercialEdge data. The tenant list includes Alexa’s Workspaces, Woundtech, PointOne Holdings, NV5, Diabetes Research Institute Foundation as well as SCP Health, formerly Schumacher Clinical Partners.

Venture Corporate Center is less than a mile west from the Interstate 95 and Hollywood Boulevard interchange. The campus is less than 3 miles from the city’s central business district, while downtown Miami is roughly 20 miles south.

Earlier deals

In July, Ares completed the disposition of Bank of America Tower, a 109,497-square-foot office building in Boca Raton. The Class A asset traded for $44.6 million and was also part of the recently acquired Black Creek Group’s metro Miami footprint.

Over the course of its nearly three decades, Black Creek Group accumulated a sizeable commercial real estate portfolio, with most assets belonging to the industrial sector. In May, the firm added a 1 million-square-foot industrial asset to its Atlanta portfolio. Palmetto Logistics Park – Building One in Fairburn, Ga., was fully leased to Drive DeVilbiss Healthcare.

In March, Black Creek Group announced plans to develop two industrial projects, adding nearly 2 million square feet of industrial space to the Inland Empire pipeline.