Triple Net Properties bought the three-building, four-story complex, located at 2600, 2650 and 2700 N. Military Trail, from America's Capital Partners LLC. The complex, built between 1989 and 1999, also includes 859 parking spaces.
The complex is 95.9% occupied. Tenants include Gap Inc., Liberty Mutual Insurance, EMC Corp., American Express and Wachovia Bank. The property last sold for $33.7 million in June 1999, according to the Palm Beach County property appraiser's office.
Jay Caplin, a senior director of the Investment Sales Group of Cushman & Wakefield, represented America's Capital Partners in the most recent transaction. Caplin also represented the seller in three other recent local building sales, which--with the Fountain Square sale--total $116.4 million.
In one deal, Boston-based AEW Capital Management paid $35.8 million, or about $222.15 per sf, for the class A trophy 550 Biltmore building, located at 550 Biltmore Way in Coral Gables. Caplin represented adviser New York-based JP Morgan Fleming Investment Management Inc. The property, built in 1986, consists of 161,150 sf of space and 385 parking spaces. It is 92.8% occupied. Tenants include UBS, Cartier and Finser Corp.
In another sale, Lexington Corporate Properties Trust, a real estate investment trust based in New York, bought two adjacent industrial buildings totaling 435,045 sf for $30.6 million, or nearly $70.34 per sf. The seller of the Weston properties was Principal Financial Group of Des Moines. Built in 1995, the buildings are located at 3225 and 3245 Meridian Parkway. They are subject to long-term net leases to Hagemeyer Foods and Circuit City.
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