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| 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.
year.
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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