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RAIT Financial sells ADT's Florida HQ for $42M

Internally managed real estate investment trust RAIT Financial Trust sold the 171,489-square-foot campus building that houses the global headquarters of commercial security systems provider ADT in Boca Raton, Fla., for about $42 million.

A newly formed joint venture between commercial real estate owner and manager PEBB Enterprises and Tortoise Properties was the buyer, according to a release.

Cushman & Wakefield brokered the deal on behalf of the seller and helped the buyers secure a loan to fund the acquisition.