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Gramercy Property affiliate sells Fla. office complex for $43M

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Gramercy Property affiliate sells Fla. office complex for $43M

An affiliate of Gramercy Property Trust sold a nearly 240,000-square-foot office complex comprising two buildings in Plantation, Fla., to a partnership between IP Capital Partners, LLC and Westport Capital Partners LLC for roughly $43.2 million, The Real Deal reported Feb. 16, citing property records.

The Plantation Corporate Center I and II buildings at 1600 and 1601 Southwest 80th Terrace were divested for approximately $180 per square foot. The buildings are leased to Crawford and Co. until 2021 and subleased to Centerfield and Aetna Life Insurance Co.

According to the records, Gramercy acquired the complex in 2015 for $52.1 million in a deal that may have included other assets, the publication added.

Institutional Property Advisors brokered the transaction.