(September 18, 2018) ICM is pleased to announce the successful sale of 220 Congress Park Drive ("Congress"), a Class B+ office building located in Delray Beach, FL, within the greater Miami metropolitan area. The sale was completed on September 18, 2018.
The 54,000 sf office building was originally purchased by ICM in August 2014. At acquisition, the property was 97% occupied but with rents that were approximately 25% below market rents. ICM purchased the property with the objectives of improving the quality of the tenant roster and raising rents to market rates over an anticipated six-year investment horizon. Over the hold period, ICM was successful in growing rents by 52%, and in growing NOI by 71%. Having successfully executed on its value creation strategy, ICM determined that it was appropriate to sell the property. The property was sold at a price within 2% of initial underwriting and two years ahead of initial projections. The proceeds of which will result in a strong return for ICM’s investors.