Fairlead CRE spends $21M on Deerfield Beach offices
Properties are next to the planned 925,000 sf Hillsboro Technology Center
November 18, 2015 11:15AMBy Katherine Kallergis
800 Fairway Drive (inset: Fairlead principal John Ward)
Atlanta-based Fairlead Commercial Real Estate paid $21 million this week for a Class A office property in Deerfield Beach, according to Broward County records.
Fairlead Acquisitions LLC, led by John R. Ward, acquired 800 Fairway Drive, a 172,508-square-foot office building, and an adjacent 1.8-acre lot. Ward is chief investment officer and principal at Fairlead.
The properties are next to the planned Hillsboro Technology Center, a 925,000-square-foot business park on the site of the former Deerfield Country Club. The Bristol Group and Butters Construction and Development are redeveloping the 72-acre golf course, which will include a hotel, warehouse, office, recreation building and public park when the first phase is completed.
800 Fairway Drive, built in 1987, was recently renovated and includes an on-site cafe, gym, secured parking, atrium lobby, exterior signage and walking paths, according to leasing agent Stiles Realty. The Deerfield Beach building sits on 8.9 acres.
American General Life Insurance Company sold both parcels. The Houston-based company bought the vacant lot from Butters in September for $600,000, according to Broward County property records.
Fairlead, a privately held full service commercial real estate firm, financed the deal with a nearly $18 million mortgage from Bank of Arizona. Fairlead specializes in investment, management, acquisitions, sales, leasing and more. It focuses on office and industrial properties in the southeastern United States, according to the firm’s website.
Source: The Real Deal