Benedict Realty Group purchased Heron Bay Corporate Center I & II in Coral Springs for $20.2 million. Heron Bay Corporate Center includes two three-story office buildings, totaling 89,043 square feet. The office complex was fully leased at closing. Tenants include AOD Software, Pearl Holding Group, Regus and Century Link. The seller, Ivy Heron Bay, was represented by CBRE.
“During just three years of ownership, the seller was able to expertly increase occupancy from under 30 percent to 100 percent today. As a result, we received a strong response to this core-plus offering from domestic and offshore equity sources that were attracted to the combination of both the secure cash flow and the value-add component from lease rates that are now below market,” said Scott O’Donnell, senior vice president of CBRE Investment Properties.
