South Florida Business Journal: Southlake Office Park in Deerfield Beach sold for $10MDecember 19, 2017
IMC Equity Group acquired the Southlake Office Park in Deerfield Beach for $10 million.
Southlake Office Park Ltd., managed by Coral Gables-based Grand Bay Investments President Dirk Kuczurba, sold the two buildings with a combined 132,258 square feet to Rainbow Warehouse, an affiliate of North Miami-based IMC, led by Yoram Izhak and Sender Shub. Puerto Rico-based Financial Trust provided a $9.25 million loan to the buyer.
The price equates to $76 per square foot. It last traded for $9.85 million in 2007, so it didn’t gain much in value over the years.
The office park is located at 1350 and 1400 E. Newport Center Drive, with highway visibility on the west side of Interstate 95. Chase Bank, YouFit and Driver’s Alerts are the tenants, said Carlos Segrera, director of acquisitions for IMC. The building is 50 percent rented and IMC hired NAI Merin Hunter to lease up the property.
“For us this is a valued added proposition with a cost basis of only $80 per square foot,” Segrera said. “It is our expectation to increase the lease up and be at 75 to 80 percent occupancy in the next six months.”
It was built in 1987.