Ivy Realty

Lt. Ivy Equities Gets Heron Bay Office Note for $11M

CORAL SPRINGS, Fla. - Ivy Heron Bay LLC has purchased the note for the two-building Heron Bay Corporate Center for $10.85 million at a foreclosure auction by Investor's Warranty of America Inc.

Proskauer lawyers Stuart T. Kapp and Andrew Rosenthal represented the New Jersey-based buyer of the 89,114-square-foot, class A office campus at 11555-575 Heron Bay Blvd. The property was the regional headquarters for WCI Communities, which filed bankruptcy in 2008 and vacated nearly half of the office space.

Investor's Warranty, an affiliate of AEGON USA Realty Advisors LLC, sold a fee simple title. Lisa Markofsky in Proskauer's Litigation & Dispute Resolution Department handled certain foreclosure-related matters.

Rusty Warren, co-CEO of Ivy Realty, said South Florida is good investment fit for the fund. Proskauer previously represented the buyer, Ivy Equities, in the recent purchases of 250 Royal Palm Way in Palm Beach and the Yachting Promotions Building in Fort Lauderdale.

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CORAL SPRINGS, Fla. - Ivy Heron Bay LLC has purchased the note for the two-building Heron Bay Corporate Center for $10.85 million at a foreclosure auction by Investor's Warranty of America Inc.

Proskauer lawyers Stuart T. Kapp and Andrew Rosenthal represented the New Jersey-based buyer of the 89,114-square-foot, class A office campus at 11555-575 Heron Bay Blvd. The property was the regional headquarters for WCI Communities, which filed bankruptcy in 2008 and vacated nearly half of the office space.

Investor's Warranty, an affiliate of AEGON USA Realty Advisors LLC, sold a fee simple title. Lisa Markofsky in Proskauer's Litigation & Dispute Resolution Department handled certain foreclosure-related matters.

Rusty Warren, co-CEO of Ivy Realty, said South Florida is good investment fit for the fund. Proskauer previously represented the buyer, Ivy Equities, in the recent purchases of 250 Royal Palm Way in Palm Beach and the Yachting Promotions Building in Fort Lauderdale.