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Deerfield Industrial Office Complex Sells For $51 Million

December 9th, 2014

A seven-building industrial and office complex in Deerfield Beach has traded hands for $51 million in one of the biggest Broward County transactions of its kind this year.

The 20-acre Quorum Business Center in Deerfield Beach has 181,521 square feet of warehouse space in five buildings and 81,000 square feet of manufacturing space in two buildings at 602-870 S. Military Trail.

The flex space includes research and development areas as well as built-out office space, according to marketing materials from broker CBRE, with leases commanding $8 to $9.25 per square foot. The buildings offer ceiling heights ranging from 18 to 24 feet as well as dock-high loading and a shared truck courtyard, marketing materials said.

The seller was KTR Quorum LLC, which is linked to Pennsylvania industrial real estate investment trust manager KTR Capital Partners. KTR scooped up the complex for $37.17 million in June 2005.

The buyer is Ivy Quorum Property LLC, linked to New Jersey investment firm Ivy Capital Partners. Ivy already owns a flex industrial-office complex at 1900 NW 21st Ave. in Fort Lauderdale. The company also owns office properties elsewhere in Fort Lauderdale, Coral Springs and Palm Beach’s Bankers Row.

 

Source:  DBR

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