BlackRock Realty Advisors has sold the lakefront Weston Corporate Center I and II in Weston, Florida to GK Weston Corporate Center, a subsidiary of Newport Beach, California-based KBS Realty Advisors, for a combined $46.75 million. BlackRock originally paid $34.5 million for the properties in 2005 from two partnerships affiliated with L&J Schmier Management and Investment Co. of Boca Raton. The twin buildings, located at 2700 S. Commerce Parkway and 2500 Weston Road, combine for a total of 149,103 square feet and traded for $314 per square foot.
"We believe Weston Corporate Center I & II's central location in the amenity-rich region of Broward County is irreplaceable and is an attractive draw to tenants," said KBS Regional President Marc DeLuca. "The property's desirable location has attracted an elite mix of tenants, including GSA, Wells Fargo, Ricoh, DHL, Raymond James and Boston Scientific."
Built in 1997 and 1998, the two building complex was fully leased at the time of sale. KBS said in a statement that the company has plans to renovate the buildings, including roof replacement, enhancements to the lobbies and bathrooms, new common area ceiling grids and lighting, repainting and updated parking lots.
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