MHCommercial Real Estate Fund and Contrarian Capital Management acquire Lakewood Ranch office property from Dilweg 9000 Town Center Parkway for $ 20,250,000
West Palm Beach, Florida – MH Commercial Real Estate Fund LLC (“MHC”), a discretionary private real estate fund in Florida, formed a joint venture with Contrarian Capital Management, LLC (“Contrarian”), a Connecticut hedge fund, to acquire 9,000 Town Center Parkway, 101 312 SF, a Class A office building located in Lakewood Ranch, Florida for $ 20,250,000.
Rick Bruges, Mike Davis, Rick Colon and Dominique Montazemi of Cushman & Wakefield represented the vendor, Dilweg, in a deal sponsored by Zach Eicholz and Brooke Tully. “The 9000 Town Center is a high-quality class A office building with a high barrier to entry at Lakewood Ranch,” said Bruges.
The 9000 Town Center, a two-story building, was originally built in 1998 as a single-family residential building that until recently was exclusively occupied by TriNet USA, Inc. (NASDAQ: TNET). The property is located east of I-75 on 11.28 acres in the planned community of Lakewood Ranch with a parking space ratio of 5.84 / 1000 sf.
The 75% ownership is the fourth acquisition for MHC, which was formed in the fall of 2019 by Neil Merin, SIOR, CCIM, Jordan Paul and Dang Lam, directors of West Palm Beach, Florida, based at NAI / Merin Hunter Codman, Inc. .. with Florida real estate veteran Joe Sprouls to acquire income-generating properties with strong cash flow potential in the dynamic markets of the US Southeast. Corey Winsett, MHC’s Director of Acquisitions and Asset Management, led the due diligence for MHC in collaboration with Grant Friedkin Pearson, PA, who was a buyer’s advisor led by Richard Grant and Charles Whittington.
“We are delighted to have successfully closed this deal in a challenging environment,” said MHC Director Jordan Paul. “This asset fits perfectly with the investment strategy of the MHCommercial Real Estate Fund to acquire high quality real estate in the growing markets of the Southeast. The property benefits from the high creditworthiness of the current lease as well as the significant lease benefits of the currently available space in a market that is in very high demand for office space. We are especially pleased that we have an exceptional financial partner who shares our investment thesis. “
This project reflects the ongoing relationship between MHC and Contrarian regarding the acquisition of additional offices in South Florida. In contrast, the Connecticut-based fund, with over $ 5 billion in assets under management, has specialized in opportunistic real estate investment for the past 30 years with one of the most stable management teams in the industry.
Funding for the project was provided by Servis1st Bank under the leadership of SW Florida President Mario Bringas. MHC Director Dang Lam, who structured financing with Servis1st Bank, said: “We were delighted to complete our first loan with Servis1st Bank, which will enable us to realize the potential of this asset. We hope this will be the first of many future deals with Servis1st. Bank.”
NAI / Merin Hunter Codman will provide property management and leasing services for new owner Steve Horn, CCIM and Director of Ian Black Real Estate, Inc.
Steve Horn and Melissa Harris will oversee the lease of the business and can be contacted at 941-906-8688.
This press release was prepared by Boca Raton Chamber of Commerce… The opinions expressed here are those of the author.