June 21, 2018
Boca Raton, FL-based PEBB Enterprises and Chicago-based Tortoise Properties, LLC acquired ADT Inc.’s global headquarters from Philadelphia-based RAIT Financial Trust for $42.05 million. The 171,489-square-foot building is located at 1501 Yamato Rd. in Boca Raton.
Developed in 1983 on a roughly 10-acre site in southeast Palm Beach County, the Class A office building features a skylit atrium, water feature, porte cochère, golf course views and a structured parking garage. Renovations were completed in 2011, before ADT took occupancy.
Cushman & Wakefield’s Scott O’Donnell, Dominic Montazemi, Mike Davis, Greg Miller, Rick Brugge and Michael Lerner represented the seller. Cushman & Wakefield’s Jason Hochman assisted the buying JV in securing a $28.6 million, non-recourse acquisition loan with a low interest rate and flexible prepayment terms.
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