Florida & Gulf Coast CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
MHCommercial Real Estate Fund II Buys Boca Raton Office Complex for $46M
MHCommercial Real Estate Fund II has closed on the purchase of Yamato Office Center in Boca Raton for $45.9 million ($267 per square foot) in a joint venture partnership with an institutional real estate fund. The 171,724-square-foot office complex comprising two Class-A office buildings on Yamato Road was approximately 71% leased at the time of the sale.
Christian Lee, Marcos Minaya, and Sean Kelly with CBRE represented the seller, Adler Real Estate Partners; Elizabeth Jones and John Strickroot of the Shutts & Bowen law firm represented the purchaser. Financing for the transaction was provided by LoanCore Capital. NAI/Merin Hunter Codman will manage the property.
MHCREFII launched in January 2022 and closed on its first acquisition in April 2022 with the $32.5-million purchase of EcoPlex Office Center in West Palm Beach. Yamato Office Center is the second acquisition for MHCREFII, which intends to acquire $250 million of commercial real estate.
Photo courtesy Moris Moreno
- ◦Sale/Acquisition
