TA Realty Affiliate Sells Two-Building Weston Office Portfolio

Nov 14, 2017 No Comments by

Highline Real Estate Capital and Sefira Capital have teamed up to acquire a two building, 63,000-square-foot office portfolio comprised of the 28,000-square-foot Chase Building at 1040 Weston Road and the 35,000-square-foot Weston Commerce Center at 1625 N Commerce Parkway for $13 million from Realty Associates Fund X, LP, an affiliate of Boston-based TA Realty.

This is Highline and Sefira’s third acquisition together in the past 17 months

following last year’s purchase of the 165,000-square-foot Cypress Point Office Park in Tampa, Florida and their May acquisition of the 66,000-square-foot Courthouse Place in Downtown Fort Lauderdale.

 

“Weston is one of the strongest office markets in Florida with only a 2% vacancy factor. When these two building went to market at an 82% occupancy level, we had strong conviction that we would be able to improve performance within a short period of time given the market dynamics and the buildings positioning within it. We were extremely fortunate to have two new leases completed during our due diligence period bringing our occupancy level to 90% before we even took title to the buildings,” said David Moret, Highline’s founder.

 

“Weston Commerce Center and the Chase Building have a long history of catering to the needs of Weston’s professional and medical users, many of whom have been operating in the buildings for nearly 30 years. Given the stability of the buildings and the strength of the market, these assets provide the predictable cash flow and upside opportunity we are seeking,” said Mijael Attias, Sefira’s co -founder.

Highline Real Estate Capital was founded in February 2016 by David Moret with a focus on acquiring value add properties throughout the Southeast. Sefira Capital was formed in September of 2015 by Mijael Attias and Aby Galsky as a boutique investment company focused on acquiring and developing commercial real estate.

David Duckworth, John Crotty and Michael Fay from Avison Young represented the seller in the transaction. Christian Lee and Amy Julian from CBRE arranged the buyer’s acquisition financing with Bank United. Alfie Hamilton and Caitlin Inklebarger from Colliers International will handle project leasing.

 

 

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