A group of investors bought Airport Commerce Park near Fort Lauderdale-Hollywood International Airport for $18.3 million.
The deal comes amid a paradox for South Florida’s office market. While aging suburban buildings have traded at discounts and foreclosures have popped up, Broward County recently scored two office deals for over $200 million each.
An entity managed by Jorge Linkewer, principal at Aventura-based Triarch Capital Group, as well as Sarah and Sergio Selcer bought the complex at 4101 Ravenswood Road in Dania Beach from ACP Partners, according to records and real estate database Vizzda.
Sergio Selcer is associated with Step by Step Management in Coconut Creek. ACP is managed by Mario Henriquez and affiliated with Brickell-based JCT Management, according to Vizzda and state corporate records.
The buyers borrowed $10.3 million from Popular Bank.
Completed in 1987, Airport Commerce Park consists of four one-story buildings on a 6.6-acre site, property records show. ACP Partners paid $13.3 million for the property in 2007.
Tenants include computer repair service Rescuecom of Fort Lauderdale, Ocean Exotic Car Rental, Precision Air Conditioning, Digital Marketing Service Pro and the Consulate of Sweden.
Triarch, founded in 1996 by Linkewer, Daniel Halberstein and Mario Grosfeld, has a portfolio of about 3.5 million square feet of commercial real estate, according to its website. Linkewer also is founder of brokerage Axiom Capital Advisors, which lists the same Aventura office as Triarch.
Triarch is a frequent South Florida investor. In 2023, it bought the Shoppes at 41st Street plaza at 10355 and 10405 Northwest 41st Street in Doral for $18 million. That came on the heels of Triarch’s $7.2 million purchase of an industrial outdoor storage site at 12601 West Okeechobee Road in Hialeah Gardens.
In 2020, the firm scored a $35 million refinancing for the One Turnberry Place office building at 19495 Biscayne Boulevard in Aventura, which Triarch bought in 2011 for $53 million.
In the fourth quarter, South Florida office vacancies and asking rents remained flat or slightly increased, year-over-year, according to an Avison Young report. Broward County’s average asking rent hit $40.18 per square foot, up from $38.34 a square foot during the same period of 2023. The vacancy rate fell to 14.5 percent from 16.8 percent. But in all of last year, Broward’s total leasing was 2.4 million square feet, a 27 percent decline from 2023, the Avison report shows.
Generally, real estate has felt the sting from higher interest rates, skyrocketing insurance and a slowdown of the influx of out-of-state companies, experts have said.
Some properties have traded at a discount. In September, Galium Capital bought the Lake Shore Plaza II office building at 1300 Concord Terrace in Sunrise for $17 million, a nearly 47 percent discount from its price in 2013. In January, Accesso Partners bought the six-story Sawgrass Lake Center at 13450 West Sunrise Boulevard in Sunrise for $36.5 million, a 36.4 percent discount from its price in 2018.
Still, downtown Fort Lauderdale scored two mammoth deals. Last month, DWS Group sold the Las Olas Centre I & II at 350 and 450 East Las Olas Boulevard for $208 million, and the Bank of America Plaza at Las Olas City Centre at 401 East Las Olas Boulevard for $220 million.
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