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96% Leased Boca Offices Sell for $215/SF
Larsen MacColl Partners paid $20 million for a 93,219 square foot office building in Boca Raton, the Boca Corporate Center at 2101 NW Corporate Boulevard. Zell One was the seller. The building is 96% occupied. The S. Florida Business Journal reports the Boca Corporate Center last traded for $6.75 million in 1982, the same year the four-story building was developed on the 5-acre site.
A CBRE’s Office Investment Sales team, led by Christian Lee, Sean Kelly, Tom Rappa, and Matthew Lee closed the sale. CBRE’s Debt & Structured Finance team, led by Amy Julian and Andrew Chilgren, secured a $14 million loan with Deutsche Bank on behalf of the buyer.
Boca Corporate Center features recently renovated lobby and common areas and walkable amenities.
“Boca Corporate Center’s strong occupancy history, in-place income and future upside provided abundant confidence on the future success of the asset throughout the lending community,” said CBRE’s Chilgren.
