This story was reprinted with permission from Commercial Real Estate Direct

Aquila Property Buys South Fla. Offices

December 7, 2001

A group of investors led by Jordan Paul, a former senior executive with Ocwen Financial, has completed the purchase of another Florida office building.

The group, operating as Aquila Property Co. of Coral Springs, Fla., has formed a joint venture with AMC Delancey Group of Philadelphia to buy the Miami Lakes Corporate Center, a 74,000-square-foot building in Miami Lakes, Fla. Although a purchase price could not be learned, it was believed to have been less than $10 million.

The property is viewed as an opportunistic investment. It has a vacancy of about 18 percent and in need of renovation. Among its tenants are American Express and regional accounting and law firms.

Aquila's principals are Paul, Tom Weber and Andrew Belew. All three were formerly with Ocwen, a West Palm Beach, Fla., firm that was perhaps the best-known buyer of distressed loans during the mid-1990s. As such, Aquila focuses on making opportunistic investments. Its principals also own the Florida Sunrise Tower, which they purchased last year when the property was 25 percent vacant. The building has since been fully leased at higher rents.

Aquila is expected to complete additional acquisitions with AMC Delancey, which owns office, retail, hotel and multifamily properties throughout the Eastern seaboard.


Comments? E-mail Orest Mandzy, or call him at (215) 504-4288, Ext. 211.

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