{"id":1004236122,"date":"2018-06-20T03:47:26","date_gmt":"2018-06-20T11:47:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004236122"},"modified":"2022-12-09T02:31:59","modified_gmt":"2022-12-09T10:31:59","slug":"pebb-tortoise-acquire-fully-leased-fl-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-acquire-fully-leased-fl-office-asset\/","title":{"rendered":"PEBB, Tortoise Acquire Fully Leased FL Office Asset"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004236398\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/1501-Yamato-Rd..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004236398\" data-attachment-id=\"1004236398\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-acquire-fully-leased-fl-office-asset\/1501-yamato-rd\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/1501-Yamato-Rd..jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1501 Yamato Rd.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1501 Yamato Rd.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/1501-Yamato-Rd..jpg?w=640\" class=\"wp-image-1004236398 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/1501-Yamato-Rd..jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/1501-Yamato-Rd..jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/1501-Yamato-Rd..jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004236398\" class=\"wp-caption-text\">1501 Yamato Road<\/p><\/div>\n<p>A joint venture between&nbsp;PEBB Enterprises&nbsp;and Tortoise Properties has acquired ADT Inc.&#8217;s global headquarters in Boca Raton, Fla., for $42 million or $245 per square foot. Cushman &amp; Wakefield negotiated the transaction on behalf of the seller, RAIT Financial Trust.&nbsp;<\/p>\n<p>Located at 1501 Yamato Road, the property comprises 171,489 square feet across a 10-acre site. Built in 1983, the Class A office building features a skylit atrium, water feature, porte cochere, golf course views and a parking garage. The asset is fully occupied by ADT and is situated within The Park at Broken Sound, a 700-acre mixed-use park.&nbsp;<\/p>\n<h2>Sales team&nbsp;<\/h2>\n<div id=\"main-article-content\">\n<div class=\"article_body\">\n<p>The Cushman &amp; Wakefield Capital Markets team of Executive Directors Scott O\u2019Donnell,&nbsp;Michael Lerner and Rick Brugge, Managing Director&nbsp;Dominic Montazemi, Executive Managing Director Mike Davis and&nbsp;Senior Associate&nbsp;Greg Miller,&nbsp;negotiated the sale.&nbsp;<\/p>\n<p>Senior Director Jason Hochman of Cushman &amp; Wakefield\u2019s&nbsp;Equity, Debt &amp; Structured Finance Group assisted the PEBB\/Tortoise team in securing a $28.6 million, non-recourse acquisition loan with a low-interest rate and flexible prepayment terms.<\/p>\n<p><em>\u201c(The property) represented an attractive opportunity for an investor to acquire the most prominent asset along the Yamato Road corridor with predictable and secure cash flows driven by a premier credit tenant,\u201d<\/em> said O\u2019Donnell, in a prepared statement.<\/p>\n<p>The South Florida Commercial Team of O\u2019Donnell, Montazemi,&nbsp;Miguel Alcivar, Miller and Hochman have closed more than $1 billion in sales and financing over the last two years. Last month, the team represented Denholtz Associates in the <a href=\"https:\/\/www.commercialsearch.com\/news\/silverman-group-snags-fl-industrial-property\/\">$6.9 million sale of Flamingo Commerce Center<\/a>,&nbsp;an industrial asset in Riviera Beach, Fla.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Cushman &amp; Wakefield negotiated the transaction on behalf of seller RAIT Financial Trust and arranged $28.6 million in acquisition financing on behalf of the buyer\/borrower.<\/p>\n","protected":false},"author":746,"featured_media":1004236398,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,1492,21742,21747],"tags":[32799,36161,35857,36160,34021,36244,40722,34077,36245,35858],"class_list":["post-1004236122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-miami","category-latest","category-office","tag-cushman-wakefield","tag-dominic-montazemi","tag-greg-miller","tag-jason-hochman","tag-michael-lerner","tag-mike-davis","tag-pebb-enterprises","tag-rait-financial-trust","tag-rick-brugge","tag-scott-odonnell"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PEBB, Tortoise Acquire Fully Leased FL Office Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-acquire-fully-leased-fl-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PEBB, Tortoise Acquire Fully Leased FL Office Asset\" \/>\n<meta property=\"og:description\" content=\"Cushman &amp; Wakefield negotiated the transaction on behalf of seller RAIT Financial Trust and arranged $28.6 million in acquisition financing on behalf of the buyer\/borrower.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-acquire-fully-leased-fl-office-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-20T11:47:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:31:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/1501-Yamato-Rd..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"IvyLee Rosario\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-acquire-fully-leased-fl-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-acquire-fully-leased-fl-office-asset\/\",\"name\":\"PEBB, Tortoise Acquire Fully Leased FL Office Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-acquire-fully-leased-fl-office-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-acquire-fully-leased-fl-office-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/1501-Yamato-Rd..jpg\",\"datePublished\":\"2018-06-20T11:47:26+00:00\",\"dateModified\":\"2022-12-09T10:31:59+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-acquire-fully-leased-fl-office-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-acquire-fully-leased-fl-office-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-acquire-fully-leased-fl-office-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/1501-Yamato-Rd..jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/1501-Yamato-Rd..jpg\",\"width\":640,\"height\":480,\"caption\":\"1501 Yamato Rd.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pebb-tortoise-acquire-fully-leased-fl-office-asset\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"PEBB, Tortoise Acquire Fully Leased FL Office Asset\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780\",\"name\":\"IvyLee Rosario\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67\",\"caption\":\"IvyLee Rosario\"},\"description\":\"IvyLee Rosario is a Senior Associate Editor for Commercial Property Executive and Multi-Housing News. 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