The seller, a high-net-worth family that acquired the portfolio three years ago, was represented by NAI/Merin Hunter Codman. The seller was able to realize a $3-million profit on the sale after the building's occupancy was increased to 97% through strong leasing efforts.

The seller had originally acquired the properties as part of a 1031 exchange and sold the portfolio to pursue other business opportunities, NAI/Merin Hunter Codman chairman Neil Merin tells GlobeSt.com. "The Weston market is very strong. There are few, if any, sites to build new office buildings," Merin says. "These buildings both have strong anchor tenants and upside potential with the smaller tenant spaces."

In an unrelated transaction, a private investment group acquired the 52,189-sf Port Royale Financial Center at 6550 N. Federal Highway for $13 million. The property, which was 98% occupied at the time of the sale, was sold by a group of individuals, many of whom are occupants in the building. The buyer was represented by NAI/Merin Hunter Codman and the seller was represented by Tom Brymer of Brymer Realty.