Larsen MacColl Partners purchased the Boca Corporate Center, located at 2101 NW Corporate Boulevard in Boca Raton, for $20 million. The seller was Zell One and the building spans over 93,219 square feet. Currently, it is occupied by tenants occupying 96% of its space.
According to reports from the South Florida Business Journal, this property last changed hands in 1982 for a price of $6.75 million when it was first developed on a five-acre site as a four-story building.
The sale was facilitated by CBRE’s Office Investment Sales team led by Christian Lee, Sean Kelly,Tom Rappa and Matthew Lee. Additionally,CBRE’s Debt & Structured Finance team headed by Amy Julian and Andrew Chilgren helped secure a loan worth $14 million with Deutsche Bank on behalf of Larsen MacColl Partners.
The recently renovated lobby and common areas along with walkable amenities make Boca Corporate Center an attractive investment opportunity.According to CBRE’s Chilgren,”the strong occupancy history,present income,and potential growth prospects made this asset highly appealing among lenders.” This successful transaction closed at an impressive rate of $215 per square foot.
