Wednesday, December 5, 2012

Herald Plaza in Miami, FL Sold for $9 Million

Herald Plaza, Miami, FL
PEMBROKE PINES, FL,  Dec. 5, 2012 --- An investment group led by a pair of veteran South Florida real estate executives has acquired the landmark office complex Herald Plaza that houses the Miami Herald’s Broward County bureau along I-75 in Pembroke Pines.

The deal for the 77,000-square-foot, two-building campus closed Dec.4.

The sale price was $9 million, or about $116 a square foot. 

Darcie Lunsford, VP of McCraney Property Co., represented the landlord in those transactions and will continue to handle leasing for the new ownership. In all more than 34,000 square feet of new leases have been executed in the two-building complex since January. The project now stands about 98 percent leased.

Grover & Corlew LLC, a boutique real estate investment and management firm focused on multi-family, office and medical office properties, acquired the high-profile Herald Plaza complex.  The acquisition was done in partnership with Atlantic Creek Real Estate Partners LLC (“Atlantic Creek”), an opportunistic commercial real estate investment fund with offices in New York City and Palm Beach, Florida.  

The seller was a venture between Coconut Creek-based Butters Group and Boca Raton-based Milhous Group.

The CBRE team of Scott O’Donnell, Jeffrey Kelly, Dominic Montazemi, Marty Busekrus, and Miguel Alcivar brokered the transaction.

For a complete copy of the company’s news release, please contact:

Don Silver
Chief Operations Officer
Boardroom Communications
(954) 370-8999
(954) 629-7523 Cell
(954) 370-8892 Fax

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