The sale is Crocker's latest transaction in a well-documented plan to divest a portion of its commercial real estate portfolio of about six million sf. Boca Raton is 42 miles north of Downtown Miami.
Recorded documents confirm the privately owned REIT has transferred the deed on the Glades Twin Plaza office buildings. ACP Glades, formed in March, operates out of the offices of Americas Capital Partners, a real estate investment and management company.
Neither officials at Americas Capital Partners nor management representatives for Crocker Realty responded to requests from GlobeSt.com for additional information.
It is uncertain from the property records when Crocker Realty acquired the 15.3-acre site and 97,570 sf of improved office space, though published reports indicate the REIT financed acquisition of the property in February 1999 as part of a total package of 610,499 sf. The property was assessed last year at a market value of $11.3 million.
The transaction is the latest publicly available information on the REIT since October, when Jacksonville, FL-based Koger Equity Inc. announced an agreement to manage the REIT's portfolio of 127 office properties in six Southeastern U.S. states.
Koger Equity subsequently relocated to Boca Raton certain members of the executive team and all of its accounting and human resources departments. The company attributed the decision to a need to upgrade its administrative and accounting infrastructure and to recruit from South Florida's pool of real estate accounting personnel.
The management agreement and relocation followed the announcement last March that Thomas J. Crocker, Crocker Realty chairman and chief executive officer, agreed to serve as Koger Equity CEO. Although the deal involved no property transfers, Koger Equity consequently now owns or manages about 20 million sf of mostly office properties in 15 Southeast and Southwest cities.
Besides managing the Crocker Realty portfolio, the Koger Equity subsidiary, Koger Realty Services Inc., manages 70 office buildings owned by Koala Realty Holding Co. Inc. Koala is a wholly owned subsidiary of a co-mingled pension trust that includes Morgan Guaranty Trust Company of New York as a principal trustee.
Although little current financial information is available on Crocker Realty, Koger Equity recently reported increased net income of $8.6 million, or 32 cents a share, on total revenue of $43 million for the first quarter ended March 31. That compares with a net gain of $5.4 million, or 20 cents a share, on total revenue of $41 million for the same period in 2000.
Of its total first-quarter revenue, Koger Equity classified $1.1 million of that amount as management fees.
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