Three-Building Office Portfolio Sells In Two Transactions Totaling $9.6 Million

Avison Young completed two transactions totaling $9,615,000 for the sale of Wellington Corporate Center, a three-building office portfolio located at 1200, 1300 and 1500 Corporate Center Way in Wellington.
Avison Young’s John K. Crotty, CCIM, Principal, and Alan Sperling, Vice President, marketed and sold the properties on behalf of the seller, Vectra Management Group, in the following dispositions:

–1200 Corporate Center Way, a 13,644 square foot office building, sold for $2,865,000 to Wellington Corporate Center, LLC, an owner-user which will occupy the remaining vacant space within the building, bringing the property to full occupancy.

–1300 and 1500 Corporate Center Way, two office buildings totaling 33,257 square feet, both 100 percent occupied, sold for $6,750,000 to 4750, LLC, a private investor.

Over the past few years, Avison Young has exclusively led the leasing and management of the Wellington Corporate Center assets, winning the assignments from two ownership groups in succession, maintaining high occupancy and spearheading property improvements. Prior to the most recent sales, Avison Young led the disposition of the properties as a three-building portfolio in a single transaction in November 2015 to the current seller.
 

“The ability to split up the Wellington Corporate Center portfolio and sell the assets individually allowed us to maximize the seller’s overall investment,” said Crotty. “Within less than one year, our services were fully utilized to position the properties to attract the ideal buyers – an owner-user willing to pay a premium to be in the Wellington market and benefit from the 1200 Corporate Way asset’s in-place income, as well as an investor drawn to the strong tenant financials of the fully occupied buildings at 1300 and 1500 Corporate Center Way.”

Wellington Corporate Center is situated in the heart of Palm Beach County.
 

“With the assistance of the local Avison Young management and brokerage teams, we were able to execute on our value enhancement strategy for the Wellington Corporate Center portfolio in a very short timeframe. We thank John Crotty and the entire Avison Young team for their guidance on these properties and look forward to our next project together,” said Bryan Barnes, Director of Vectra Management Group, a boutique real estate investment, development and management firm which specializes in complex value added investments.

 

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