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Boston Buyer Pays $62M for Corporate Center

FORT LAUDERDALE, FL-Parmenter Realty, which acquired the 342,552-sf office asset in August 2004 for $42 million, sells it to Cabot Investment Properties for a gain of nearly $58 per sf.

By Marita Thomas | Updated on March 15, 2006

FORT LAUDERDALE, FL-Boston-based Cabot Investment Properties has acquired Corporate Center, a 342,552-sf office building at 110 E. Broward Blvd., for $62.2 million, or just shy of $182 per sf. The seller, Parmenter Realty Partners, acquired the building in August 2004 for $42 million, or about $124 per sf.

Parmenter, a Miami-based private real estate investment and development company, projected selling the 24-story asset in 2009 for an estimated price of $62.5 million. Andrew Weiss of Parmenter tells GlobeSt.com the asset reached the target early. It was 70% leased when Parmenter bought it, and Weiss says occupancy is now “in the low 80s.”

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