Buildings sell for more than $83M
A real estate firm has paid more than $83 million for two top-flight office properties in Broward and Palm Beach counties.
Ivy Realty acquired the 228,000-square-foot Tower 101 building at 101 N.E. Third Ave. in downtown Fort Lauderdale for $56.3 million, public records show. Ivy also bought the two-building Meridian Office Center at 6551 and 6601 Park of Commerce Blvd. in Boca Raton for $26.9 million.
Ivy, based in Greenwich, Conn., said it has a portfolio of more than 6 million square feet of office, industrial and retail properties in South Florida and across the nation.
The firm owns the 1 E. Broward building, a block from the 21-story Tower 101. It also owns 250 Royal Palm Way, a 24,000-square-foot building in Palm Beach, and the 408,000-square-foot Deerfield Corporate Park on Military Trail in Deerfield Beach.
“We saw an investment entrée into the South Florida market when there was a dearth of capital five years ago,” Rusty Warren, co-CEO of Ivy, said in a statement. “We have done extremely well with our prior opportunistic purchases, and we see excellent performance potential for these new high-quality assets.”
The Meridian complex, which totals 132,000 square feet, is fully leased to LexisNexis and Cross Country Healthcare. The seller was an entity tied to Blackrock Inc., a global investment firm.