RexxHall Realty purchased a multi-building office park in South Florida from TA Associates for $12.75 million this month. Details of the sale were not disclosed, but it was noted that Stuart T. Kapp of Proskauer Rose LLP served as RexxHall’s legal counsel while CBRE’s Institutional Group and Private Capital Group represented the seller. The property sits at 1615, 1625 at 1690 S. Congress Avenue in Delray Beach and is currently 45% occupied with major tenants including Alfred Angelo, Sperry & Hutchinson, Twin-Star International and Escalate.
RexxHall’s Aaron Stauber told the Business Journal that the company thinks South Florida has matured significantly in the last two decades. The Arbors is a great opportunity because each of the buildings is different, and each has potential that has not been maximized, he said.
"RexxHall has significant opportunity for upside potential through the lease-up of the vacant space, which they are confident that they will be able to accomplish," said CBRE Vice Chairman Christian Lee in a statement. "They have a big capital budget and plan to renovate the buildings and implement an aggressive leasing program."
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