GlobeSt.com UPDATE: $208M Buys Lehman out of America's Capital JV

MIAMI-In a $208.2-million transaction, a new investment entity has bought into a growing 19-building office portfolio consisting of more than 1.9 million sf in South Florida. America’s Capital Partners has changed partners in the ownership of the portfolio, according to a spokesman for CB Richard Ellis. The original investor–Lehman Brothers–was looking to sell its portion, the spokesman says. America’s Capital Partners will continue to be managing general partner for the venture and will provide leasing and management for the buildings.Los Angeles-based CB Richard Ellis Investors LLC, the independently managed subsidiary of CB Richard Ellis, closed on the joint venture, which was established between America’s Capital and an unnamed, separate CBRE Investors account client. Sim Wilson, first vice president, and Randy Olen, senior vice president of CB Richard Ellis’ local office, found the buyer for the JV.The deal is attractive for the new partner for a couple of reasons. “It’s large,” says Wilson, “and it allows for significant investment in the marketplace. In addition, the area real estate market is “favorable because of land constraints.” Wilson could not disclose the percentage the new joint venture partner owns, but sources say it’s more than 50%.The office buildings involved in the transaction include Fountain Square in Boca Raton, Sawgrass Technology Park in Sunrise and Dadeland Towers in Kendall. In addition to the 19-building portfolio, the joint venture expects to grow down the road.”South Florida real estate fundamentals are promising,” says Scott Stuckman, the senior managing director who led the CBRE Investors investment team, “and we believe that strategic relationships of this type help better penetrate certain markets across the country. We anticipate that ACP will also be an excellent source of additional deal flow for continued growth.”