PLANTATION, FLA. — Duke Realty Corp. has acquired two Class A office buildings in Plantation's Southpointe Centre Office Park totaling 465,492 square feet. Royal Palm I is a nine-story, 240,308-square-foot building located at 850 S. Pine Island Road. Royal Palm II is an eight-story, 225,284-square-foot building located at 900 South Pine Island Road. Each building has its own multi-level parking garage. As of closing, occupancy in the former building was 88 percent, and occupancy in the latter was 90 percent. According to published reports, the seller was TIAA-CREF.
“The acquisition of these two office buildings in Plantation is consistent with Duke Realty's strategy to shift capital from Midwest suburban office assets to quality properties in select locations in other parts of the United States, said Ed Mitchell, senior vice president of Duke's South Florida office, in a statement. “The South Florida area is a target market for Duke Realty, and Royal Palm I and Royal Palm II are high-quality properties with a strong tenant base.”
The acquisition of the Royal Palm properties marks the second major office purchase for Duke in South Florida this year. In March, the company acquired two Class A office buildings in Miramar totaling 222,600 square feet. Duke already owns and manages four Class A buildings in Sunrise totaling 478,173 square feet and four properties in Weston totaling 388,112 square feet. Duke's South Florida office portfolio now consists of 13 buildings totaling 1.9 million square feet. Its Broward County portfolio contains 2.4 million square feet of office, industrial and retail properties.
— Coleman Wood