Encore Capital Management sells office at Plantation Walk to Vision Properties – South Florida Business Journal – South Florida Business Journal

The office building at the Plantation Walk mixed-use project was sold for $57.5 million.
EHOF Plantation Office LLC, an affiliate of Boca Raton-based Encore Capital Management, led by Art Falcone, sold the 173,193-square-foot office building in seven stories at 261 N. University Drive. The buyer was Plantation Walk Offices LLC, an affiliate of Tampa-based Vision Properties, led by CEO Fred Arena. Synovus Bank provided a $37.38 million mortgage to the buyer.
The seller was represented by CBRE’s Christian Lee, José Lobón and Marcos Minaya along with Jay Adams of Newmark. The price equated to $332 per square foot.
Encore Capital Management acquired the 31,895-square-foot property in 2018 for $8.35 million and completed the remodeled the office building there with a $15 million investment to make it basically like new. The building is now 92% leased, with tenants including health care giant Aetna. Adams was the leasing broker.
At the same time, Encore Capital Management tore down the neighboring Fashion Mall and redeveloped the site into the $350 million Plantation Walk, featuring 404 apartments and 131,000 square feet of retail. There’s also a pre-existing hotel there.
“Offices at Plantation Walk is the best amenitized office building in Broward County,” Lobón said. “Its prime location offers its tenants with walkability to retail on par with South Florida’s densest metropolitan cores.”
Meanwhile, a second phase of Plantation Walk is in the works.
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