Cushman & Wakefield has negotiated the sale and financing of ADT Inc.’s 171,489-square-foot global headquarters at 1501 Yamato Road in Palm Beach County.
The Cushman & Wakefield Capital Markets team of Scott O’Donnell, Dominic Montazemi, Mike Davis, Greg Miller, Rick Brugge and Michael Lerner negotiated the sale on behalf of Philadelphia-based RAIT Financial Trust.
In a joint venture partnership, Boca Raton-based PEBB Enterprises and Chicago-based Tortoise Properties, LLC acquired the asset for $42.05 million or $245 per square foot.
Jason Hochman, of Cushman & Wakefield’s Equity, Debt & Structured Finance Group, assisted the PEBB/Tortoise team in securing a $28.6 million, non-recourse acquisition loan with a low interest rate and flexible prepayment terms.
