IBC took the space at 2200 SW 10th St., Deerfield Beach, FL for nine years at an estimated aggregate rent of $8.55 million, based on an estimated first-year rent of $19 per sf. Participating brokers didn't disclose lease terms.

But Miami-based RealData Information Systems Inc. puts the average quoted rent for class A, B and C space in north Broward County at $18.74 per sf, giving the contract an estimated aggregate value of $8.55 million. Deerfield Beach is just below Boca Raton at the south Palm Beach county border.

IBC grabbed the space after existing tenant Barpoint.com relocated in a downsizing move. "This building wasn't even listed," IBC CEO Garrett Bender says in a prepared statement. "This is an example of a real estate professional locating a space entirely based on professional contacts." The property is just off the eastern terminus of the Sawgrass Expressway.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.