Black Creek Sells Venture Corporate Center for $50M in Hollywood, Fla.
By Julia Echikson August 30, 2021 4:41 pm
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Black Creek Group — recently acquired by a subsidiary of Ares Management Corporation — has sold Venture Corporate Center, an office complex at 3440 Hollywood Boulevard in Hollywood, Fla., $50 million.
The three-building center sits between I-95 Highway and South Circle Drive, near IWG‘s (formerly Regus) Presidential Circle building.
The buyers — Fox Ridge Capital, TKF Real Estate Investment and Jax Capital Investments — secured a $46.3 million acquisition loan from Argentic Investment Management, according to brokerage Cushman & Wakefield, which represented the buyers and the lender.
Venture Corporate Center was 63 percent occupied at the time of the sale, per C&W, which will continue to oversee the leasing.
The publicly traded Black Creek had reported a decrease in office occupancy in its second-quarter report, particularly at the Hollywood property. Black Creek’s office segment saw a 2.2 percent decrease in the second quarter of 2021 compared with 2020, and a decrease in net operating income “primarily due to reduced occupancy at our 1st Avenue Plaza and Venture Corporate Center properties,” per the quarterly report.
Denver-based Black Creek purchased the 253,742-square-foot Venture Corporate complex for $45.7 million in 2015, according to records. The company also recently sold off another Florida office property, Bank of America Tower in Boca Raton, to Grover Corlew for $45 million.
Cushman & Wakefield’s Dominic Montazemi, Scott O’Donnell and Mike Davis represented the buyers C&W’s Jason Hochman and Ron Granite helped secure the financing from Argentic on behalf of the buyers.
Julia Echikson can be reached at jechikson@commercialobserver.com.
