YMP Acquires Class A Office Building for Historic Price

Lauderdale, Lakes, FL, April 22, 2024 – YMP Real Estate Management (YMP), a Florida based privately held investment and real estate management firm, has acquired the Miramar Parkway Collection, a four-building 373,228 SF Class A office portfolio located in Miramar, Florida.

YMP purchased the asset for $45 million, or approximately $120 per SF. YMP believes the purchase price to be indicative of new market reality in terms of CAP rate and valuation for commercial real estate in the South Florida market. Dysfunction in the capital markets continues to be prevalent with debt and equity for deals of this size becoming scarce. YMP is looking to take advantage of these conditions for the foreseeable future and plans to selectively add more commercial assets to its existing portfolio.

The Collection offers top-of-the-line office space to a roster of national and multinational businesses situated in a thriving city, and boasts an array of ESG Certifications, including LEED Gold, Energy Star Certified, and WELL Health & Safety rated. The asset is currently 79% leased and is anchored by a number of credit tenants including Maersk, Humana, Amcor, and GSA.

“We’re thrilled to acquire the Miramar Parkway Collection,” said Moshe Popack, YMP’s Co-founder and Chairman. “With the premium tenants we already have, and the ones we expect to add, we know this complex will become a signature piece of our commercial portfolio.”

This acquisition marks YMP’s sixth commercial property in Florida, and ninth in the country. YMP’s robust portfolio also includes approximately 4,000 multi-family units and three assisted living facilities, with a fourth opening soon. In total, YMP’s properties span six states, including Florida, Georgia, Alabama, North Carolina, Kentucky, and New Jersey.

To learn more, please contact Vitali Toptchenko at vitalit@ymprealestate.com.