Gramercy Sells $43M FL Office Portfolio

Plantation Corporate Center I and II comprise just under 240,000 square feet of rentable space and are leased through 2021.

By Beata Lorincz

1600 SW 80th Terrace in Plantation, Fla.
1600 S.W. 80th Terrace in Plantation, Fla.

An entity managed by Gramercy Property Trust has disposed of a two-building office portfolio at Jacaranda Park of Commerce in Plantation, Fla. According to public records, a joint partnership of IP Capital Partners LLC and a fund managed by Westport Capital Partners LLC acquired Plantation Corporate Center I and II for $43.2 million.

The assets are located at 1600 and 1601 S.W. 80th Terrace, on a 20.3-acre lakefront site, just north of Interstate 595 and comprise a total of 239,616 leasable square feet. Two shopping malls, other retail amenities and five golf courses are within a one-mile radius, while downtown Miami is a roughly 30-minute drive away.

Both buildings are leased to Crawford and Co. through 2021, with Centerfield and Aetna Life Insurance Co. subleasing and occupying the assets.

“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,” said Douglas Mandel, senior managing director at Marcus & Millichap, in prepared remarks.

IPA, a division of Marcus & Millichap, represented the seller and procured the buyer. The brokerage team included Mandel and Director Todd Everett. 

Last October, Gramercy Property Trust sold another Florida office building, of 68,867 square feet, located in Tampa.

Image via Google Street View

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