Office complex at 950-1000 S. Pine Island Road (Google Earth)
A Dallas-based developer has invested $128 million in office space on Pine Island Road north of Peters Road in Plantation.
TR Royal Palm Corp., linked to Dallas-based Lincoln Property Co., bought Royal Palm at South Pointe, two mid-rise office towers with parking garages, deli, a bank, medical offices and attractive tenants like hotelier Kerzner International Ltd., owner of the Atlantis resort in the Bahamas.
TR paid $62 million for the 439,908-square-foot complex on 14 acres at 950-1000 S. Pine Island Road plus $66 million for 445,797 square feet on about 12 acres at 850-900 S. Pine Island Road, according to deeds recorded Monday in Broward County.
The deals average about $145 per square foot for seller Duke Realty L.P., an affiliate of Duke Realty Corp. in Indianapolis.
Duke paid $100.4 million for the property in a 2010 deal with TIAA-CREF. The sale represents a $27.6 million gain, or a 27 percent premium in four years.