North Miami-based IMC Equity Group has purchased the Southlake Office Park in Deerfield Beach for $10 million. Built in 1987, the 132,258 square foot office park is located at 1350 and 1400 E. Newport Center Drive and traded for $76 per square foot. The two-building complex was 50 percent leased at the time of closing to tenants like Chase Bank, YouFit and Driver's Alerts. The seller, Southlake Office Park Ltd., managed by Coral Gables-based Grand Bay Investments President Dirk Kuczurba, bought the property in 2007 for $9.85 million. The purchase was secured with a $9.25 million mortgage provided by Puerto Rico-based Financial Trust.
"This is a value add proposition with a cost basis of only $80 per square foot," said Carlos Segrera, director of acquisitions for IMC. "It is our expectation to increase the lease up and be at 75 to 80 percent occupancy in the next six months."