Lincoln Property Lands $68M Refi in South Florida
Barclays provided the funds for this office campus.
Lincoln Property Co. has received $68.2 million in refinancing for Royal Palm I and II, two Class A office buildings totaling 465,592 square feet in Plantation, Fla. Barclays provided the fixed-rate loan, in a deal arranged by JLL Capital Markets.
Lincoln Property purchased the office campus in August 2014 for $128 million from Duke Realty, with the help of a $66.5 million acquisition loan originated by Metropolitan Life Insurance Co., according to CommercialEdge information.
Built between 2001 and 2007, Royal Palm I and II rise eight, respectively nine stories on a 25.4-acre site. The property also includes a four-level parking garage with 1,927 car spots. Amenities feature conference rooms, a fitness center and a wellness room. Royal Palm I also incorporates 22,908 square feet of retail.
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The tenant roster at the two towers includes Regus, Tobias Financial Advisors, American Global, Pediatric Associates, Upchurch Watson White & Max and Fort Lauderdale Eye Institute, among others, CommercialEdge shows.
Located at 850, 900, 950 and 1000 S. Pine Island Road, the office campus is some 9 miles from downtown Fort Lauderdale and has access to Interstate 595. Downtown Miami is 30 miles south.
Senior Managing Director Paul Stasaitis and Associate Maddy McMillen led the JLL Debt Advisory team that represented the borrower.
Miami—an expensive office market
Miami emerged as one of the most expensive office metros among gateway markets, with an average price of $354 per square foot year-to-date through August, according to CommercialEdge research. Its vacancy rate clocked in at 14.1 percent, well below the 19.4 percent national average.
In one of the largest financing deals this year so far, OKO Group and Cain International received a $565 million permanent loan from TYKO Capital for 830 Brickell, a 57-story, 638,355-square-foot building in Miami’s financial district. The high-rise is the second-tallest office tower in the city.
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