Class A Boca Office Property Fetches $60 Million

C. Talanian Realty Co. has purchased Peninsula Executive Center, an office development in Boca Raton, for $59.8 million.

The 187,784-square-foot, Class A office property, located at 2381 and 2385 Executive Center Drive, consists of two four-story office buildings and a 742-space parking structure.

The property is currently 97 percent leased and is anchored by Newell Brands.

HFF, led by Chris Drew, Hermen Rodriguez, Ike Ojala, Brian Gaswirth and Matthew McCormack marketed the property on behalf of the undisclosed seller. HFF also secured $33.5 million in long-term, fixed-rate acquisition financing through Principal Real Estate Investors on behalf of C. Talanian Realty.

 

Source:  RE Business