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Art Falcone’s Encore Capital sells Plantation Walk office building for $58M
Seven-story property is 94% occupied
Vision Properties paid $57.5 million for the office building that is part of the Plantation Walk mixed-use development.
Art Falcone’s Encore Capital Management, which developed Plantation Walk, sold the offices at 261 North University Drive, according to a news release.
Records show the buyer, through an affiliate, took out a $37.4 million loan from Synovus Bank.
The seven-story, 177,000-square-foot Class A office building is 94 percent occupied, according to the release. Tenants include workspace rental agency Office Evolution, HCA Healthcare, Rubinstein Law and Aetna, which has its headquarters at the building.
Encore Capital, based in Boca Raton, is developing the $350 million Plantation Walk complex on the northwest corner of North University Drive and West Broward Boulevard, according to the release. A 262-key Sheraton hotel and a 171-unit apartment building so far are completed.
The multifamily complex, dubbed the Rise, will have several buildings, with the second one nearly finished and in pre-leasing. The first retail phase is also underway.
In 2018, Encore scored a $33.9 million construction loan for the office building that just traded.
Falcone has developed throughout South Florida and is one of the main partners in Miami Worldcenter Associates, the master developer of Miami Worldcenter mixed-use complex in downtown Miami.
The office building purchase is not Vision Properties’s first South Florida investment. The Tampa-based firm bought a Fort Lauderdale office building for $44.2 million in January.
Founded in 2009, Vision has a portfolio of more than 8 million square feet of office assets across the U.S., according to its website. It is led by Fred and Anthony Arena, as well as William Bertolero.
Its continued interest in South Florida office real estate comes as the market is giving mixed signals. Although vacancy rates averaged above 10 percent in the third quarter, net absorption was positive, and landlords are betting on an influx from out-of-state firms.