Barclays Provides $68M Refi on Office Park Near Fort Lauderdale

Lincoln Property Company, a Dallas-based investment firm, has secured $68.2 million to refinance Royal Palm Office Park, a two-building office complex spanning more than 465,000 square feet in Plantation, Fla., a town just west of Fort Lauderdale. 

Barclays (BCS) provided the fixed-rate loan, while JLL (JLL)’s Paul Stasaitis and Maddy McMillen arranged the financing. 

Stasaitis noted in a statement that office fundamentals are more favorable, and this trend combined with market growth in the Florida region to create “a very compelling investment strategy.” 

“This transaction further supports that debt liquidity for high-quality, amenitized office assets, led by best-in-class sponsors, continues its positive momentum trend here in Florida,” said Stasaitis in a statement. 

Located at 1000 and 900 South Pine Island Road, Royal Palm Office Park sits on a 25-acre site that provides access to nearby Interstate 595 and the Florida Turnpike. The complex’s two towers stand eight and nine stories and were completed between 2001 and 2007. The site includes a four-level garage with 1,927 parking spaces. Additional amenities include a two-story lobby, an on-site fitness center, a conference center and an outdoor lounge. 

Royal Palm Office Parks is about a 20-minute drive from both Downtown Fort Lauderdale and Fort Lauderdale-Hollywood International Airport. 

Tenants at the property include Brookfield Corporation, Atlas Renewable Energy USA, and Nassau & Paradise Island Promotion Board, a Bahamas tourism firm. 

Lincoln Property Company bought the office park from Duke Realty for $128 million in August 2014, according to The Real Deal. 

Lincoln and Barclays did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commercialobsever.com