Elion Partners pays $9M for Weston Business Center

Weston Business Center and One Sotheby’s International Realty’s Manny Chamizo (Credit: One Sotheby’s International Realty and LinkedIn)

An entity tied to Aventura-based Elion Partners just paid $9 million for an office complex in Weston, property records show.

The Weston Business Center at 1500 to 1548 Weston Road spans about 27,170 square feet, meaning the trade breaks down to about $330 per square foot.

The sellers are two entities tied to Iowa-based Principal Global Investors, a publicly traded institutional asset manager. The entities, Weston Business Plaza and Weston Business Plaza Partnership, shared a split interest in the property. Records show Weston Business Center last traded for $8.9 million in 2006.

Elion Partners financed the deal with a nearly $6 million loan from Israel Discount Bank of New York.

One Sotheby’s International Realty’s Manny Chamizo marketed the property, which features retail on its ground floor and office space on the second floor. Tenants include FedEx Office, Inlingua Language School, Sanctuary Day Spa and Community Bank.

Representatives from Elion Partners were not immediately available to comment. The firm is known for renovating and developing shopping centers and mixed-use projects, like Pennock Square in Jupiter, formerly known as the Jupiter Reserve shopping center.

Elion Partners is also partnering with Rock Soffer of Turnberry Associates and members of the Sredni family to bring a Trader Joe’s to South Beach, as part of a larger 36-unit mixed-use project under construction on Alton Road.

In November, TA Realty sold two office buildings in Weston for $13 million.


Source: http://feeds.feedburner.com/trdmiami

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