Starwood Capital Group sold a four-building portfolio of offices outside Fort Lauderdale for $45M, just more than half of what it paid to acquire the buildings nearly a decade ago.
)
A joint venture between YMP Real Estate Management and three entities tied to Nathan Pollack purchased the 373K SF portfolio for around $120 per SF, according to a release from the buyers.
The properties are Miramar Centre I and III, located at 3401 and 3601 SW 160th Ave., and Huntington Centre I and II, located at 2901 and 2801 SW 149th Ave.
Lauderdale Lakes-based YMP acquired a 72% stake in the properties, with the Pollack entities taking the remaining share. A $31M, five-year mortgage from Banco do Brasil Americas, the U.S. arm of Banco do Brasil SA, financed the acquisition, records from property data intelligence platform Vizzda confirm.
Starwood, the Miami-based investment firm led by billionaire Barry Sternlicht, paid a combined $82M for the portfolio in 2015, property records indicate.
The Miramar portfolio is 72% leased to tenants including Humana, Maersk and the packaging company Amcor, according to the release. The four-story suburban office buildings were built between 2000 and 2006. Online listings for office space at the properties show asking rents are roughly $25 per SF.
Cushman & Wakefield handles leasing at the properties, and a spokesperson for the firm said a JLL team brokered the sale. A Starwood spokesperson declined to comment.
YMP Real Estate Management was founded in 2011 and is led by Moshe and Yaffa Popack.
The firm’s portfolio includes 4,000 apartments, assisted living facilities and office buildings across the Southeast and New Jersey, according to its website. The firm said in the release that it plans to take advantage of current market headwinds to further expand its portfolio.
While Broward County’s office market benefited from pandemic-era trends, it didn’t experience the same level of leasing and rent growth as its neighbors to the north and south, Palm Beach and Miami-Dade.
Broward County saw just under 300K SF of leasing activity in the first quarter, down 24.2% year-over-year, and average rents climbed just 3.6% on the year to $40.16 per SF, according to Cushman & Wakefield. The market is dominated by small deals, with 94% of first-quarter leases falling below 10K SF, according to Avison Young.
Miramar, a suburb southwest of Fort Lauderdale, saw just 25K SF of office deals signed in Q1, all of which were confined to Class-A properties. It has seen rents shrink by 1.2% annually to $35.17 per SF, according to Cushman & Wakefield.
)
)
)
)
)
)
)
)
)
)
)
)