Delray Beach, FL – December 8, 2011 – (RealEstateRama) — CBRE announced today the sale of The Arbors Office Park at 1615, 1625 & 1690 South Congress Avenue in Delray Beach to RexxHall Realty. LLC. The three-building office park totals 244,247 rentable square feet and is 45% occupied.
“RexxHall has significant opportunity for upside potential through the lease-up of the vacant space, which they are confident that they will be able to accomplish. They have a big capital budget and plan to renovate the buildings and implement an aggressive leasing program,” said CBRE Vice Chairman Christian Lee, who represented the seller.
Built in 1981, the property is a Class A office park with a high 4.63 per 1,000 square foot parking ratio. Key tenants include Alfred Angelo, Sperry & Hutchinson, Twin-Star International, and Escalate.
Lee was joined by team members, Charles Foschini and Christopher Apone with CBRE’s Institutional Group in Miami and Scott O’Donnell and Dominic Montazemi of the Private Capital Group in Palm Beach County. No buyer representative was involved in the transaction.
Stuart T. Kapp of Proskauer Rose LLP served as Rexxhall Realty’s legal counsel in the transaction.
RexxHall Realty is an affiliate of Rugby Realty Co., Inc (www.rugbyrealty.com), based in New Rochelle, New York. They own and operate in excess of 5.5 million square feet of commercial real estate in New York, New Jersey, Connecticut, Florida and Pennsylvania. They also maintain offices in Miami, FL.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Contact:
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
