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Carter Trio Nets $16M on Motorola Deal

BOYNTON BEACH, FL-Compson Associates of Boynton II LLC pays Boynton Office Owners LLC $25.5 million for the former 566,000-sf, 90-acre phone pager manufacturing plant, about 100 miles south of Downtown Orlando.

By Alex Finkelstein | Updated on October 02, 2003

BOYNTON BEACH, FL-Ever dream of making a 70% return on a one-year investment? That’s what three local brokers did in selling the former 90-acre, 566,000-sf Motorola Corp. phone pager manufacturing plant in two transactions here for a total $37.7 million.

They bought the property for $21.75 million, or $241,667 per acre, when Motorola decided to sell its real estate portfolio last year after shrinking its workforce and sending all of its 4,000 jobs overseas.

The brokers are Daryl M. Carter, president, Maury L. Carter & Associates Inc., Jeffrey Douglas of Renaissance Realty Associates and James Heistand of Capital Partners. Their corporate company for this transaction, Boynton Office Owners LLC, did the deals with Compson Associates of Boynton LLC and Compson Associates of Boynton II LLC.

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