Ivy Realty

Proskauer Represents Ivy Heron Bay in Purchase of Heron Bay Corporate Center Office

BOCA RATON, Fla.--(BUSINESS WIRE)--Proskauer lawyers Stuart T. Kapp and Andrew Rosenthal represented Ivy Heron Bay, LLC in its $10.85 million purchase of the office note for Heron Bay Corporate Center in Coral Springs, Florida.

Ivy Heron Bay purchased the note for the property, a two-building, 89,114-square-foot Class A office campus, from the lender, Investor’s Warranty of America, Inc., an affiliate of AEGON USA Realty Advisors, LLC, and won the fee simple title to the underlying property at a foreclosure court auction. Lisa Markofsky in Proskauer’s Litigation & Dispute Resolution Department handled certain foreclosure-related matters.

Heron Bay Corporate Center, located at 11555-11575 Heron Bay Boulevard in Coral Springs, once served as the regional headquarters for WCI Communities. The asset fell into distress primarily due to the 2008 bankruptcy filing by WCI, after which the homebuilder vacated nearly half the property.

The Boca Raton-based Proskauer team has represented New Jersey-based Ivy Equities in the purchase of several assets in South Florida in recent months, including 250 Royal Palm Way in Palm Beach and the Yachting Promotions Building in Fort Lauderdale.

Rusty Warren, co-C.E.O. of Ivy Realty said, “We are value-added investors and we believe that South Florida is an attractive area for investments that fit within our fund’s parameters. We are very pleased that we have completed several transactions in South Florida with the assistance of Proskauer’s Boca Raton real estate group.”

Proskauer’s Boca Raton office has significant transactional, real estate, litigation, employment, and health care capabilities. Located in an area known for its concentration of corporate headquarters, the Boca Raton office is home to a group of lawyers who are recognized leaders in their fields and the community, offering clients the resources of a global law firm with the Florida market experience and efficiencies of a locally based firm.

About Proskauer

Founded in 1875, Proskauer is a global law firm widely recognized for its leadership in a variety of legal services provided to clients worldwide from offices in Boca Raton, Boston, Chicago, Hong Kong, London, Los Angeles, New Orleans, New York, Newark, Paris, São Paulo and Washington, DC. Additional information about the firm, which has extensive experience in all areas of practice important to businesses, not-for-profit institutions and individuals, can be found at www.proskauer.com.

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BOCA RATON, Fla.--(BUSINESS WIRE)--Proskauer lawyers Stuart T. Kapp and Andrew Rosenthal represented Ivy Heron Bay, LLC in its $10.85 million purchase of the office note for Heron Bay Corporate Center in Coral Springs, Florida.

Ivy Heron Bay purchased the note for the property, a two-building, 89,114-square-foot Class A office campus, from the lender, Investor’s Warranty of America, Inc., an affiliate of AEGON USA Realty Advisors, LLC, and won the fee simple title to the underlying property at a foreclosure court auction. Lisa Markofsky in Proskauer’s Litigation & Dispute Resolution Department handled certain foreclosure-related matters.

Heron Bay Corporate Center, located at 11555-11575 Heron Bay Boulevard in Coral Springs, once served as the regional headquarters for WCI Communities. The asset fell into distress primarily due to the 2008 bankruptcy filing by WCI, after which the homebuilder vacated nearly half the property.

The Boca Raton-based Proskauer team has represented New Jersey-based Ivy Equities in the purchase of several assets in South Florida in recent months, including 250 Royal Palm Way in Palm Beach and the Yachting Promotions Building in Fort Lauderdale.

Rusty Warren, co-C.E.O. of Ivy Realty said, “We are value-added investors and we believe that South Florida is an attractive area for investments that fit within our fund’s parameters. We are very pleased that we have completed several transactions in South Florida with the assistance of Proskauer’s Boca Raton real estate group.”

Proskauer’s Boca Raton office has significant transactional, real estate, litigation, employment, and health care capabilities. Located in an area known for its concentration of corporate headquarters, the Boca Raton office is home to a group of lawyers who are recognized leaders in their fields and the community, offering clients the resources of a global law firm with the Florida market experience and efficiencies of a locally based firm.

About Proskauer

Founded in 1875, Proskauer is a global law firm widely recognized for its leadership in a variety of legal services provided to clients worldwide from offices in Boca Raton, Boston, Chicago, Hong Kong, London, Los Angeles, New Orleans, New York, Newark, Paris, São Paulo and Washington, DC. Additional information about the firm, which has extensive experience in all areas of practice important to businesses, not-for-profit institutions and individuals, can be found at www.proskauer.com.