Ten Capital Management, a Beachwood-headquartered actual property funding firm, has partnered with a Pennsylvania agency to purchase a 12-floor Fort Lauderdale, Fla., workplace constructing, for $83 million.
The announcement on Monday, July 13, that Ten Capital had partnered with Somerset Properties of Philadelphia to purchase Bayview Company Tower didn’t present the sale worth. Nevertheless, the worth for the 414,000-square-foot constructing was reported by “The Actual Deal: South Florida,” which tagged it as one of many largest space offers to shut within the pandemic.
Ten Capital’s Paul DiSandro, a accomplice and portfolio supervisor, stated the corporate’s actual property pipeline stays sturdy regardless of COVID-19-induced financial woes which are roiling industrial actual property.
“This property has demonstrated resilience, stability and momentum and aggressive benefits” that can permit the patrons to proceed to enhance occupancy, DiSandro stated.
Ben Adams, Ten Capital’s CEO, stated within the launch that the corporate believes COVID-19 will speed up motion of millennials to areas with decrease price of residing and better high quality of life, and that corporations will search entry to labor throughout a number of markets.
Ten Capital was launched in 2011 to handle capital on behalf of excessive web value people and establishments, together with household workplaces and registered funding advisors. It focuses on $10 million to $35 million investments.