Heron Bay I and II Sell for Combined $20M

CORAL SPRINGS, FL-Heron Bay I and II, which make up a class A office complex in the city, have been sold for $19.7 million. Heron Bay Holdings purchased the two-building complex from Ross Jaffe Matz Partners Ltd. The sale price equates to approximately $221.35 per sf. WhiteStar Advisors LLC advised the pension fund, Heron Bay Holdings, in the sale, which closed Oct 1.

The 89,000-sf complex is located at 11555 and 11575 Heron Bay Blvd., adjacent to the Heron Bay TPC Golf Course and the Marriott Hotel and Convention Center. The overall occupancy of the two buildings is about 98%. Located at the complex are the South Florida headquarters of an undisclosed major national real estate development company, a national securities firm and corporate executive suites. No names of tenants in the buildings were released.

This particular property was a good purchase due in part to the quality of the asset. “It’s a signature building in a prime location,” says Billy Looper, principal of Mack Lane Real Estate who represented the buyer in the transaction. “It’s a good opportunity for their first entry into this (South Florida) market.”