John C. Bills Properties sold the two-story property in the Mirasol Town Square commercial development.
The price equated to $267 per square foot.
A trio of Phoenix-based personal injury law partners paid $8.6 million for an office building in Palm Beach County.
An entity managed by Sean Greene, Michael Steinger and Michael Feiner bought the two-story building at 11360 North Jog Road in Palm Beach Gardens, records show. The three lawyers head Greene, Steinger & Feiner, a personal injury law firm with offices in 18 U.S. cities, including Coral Gables, Miami, Fort Lauderdale and West Palm Beach, according to the firm’s website.
The deal breaks down to $337 a square foot.
The seller, an affiliate of Palm Beach Gardens-based real estate development, investment and property management firm John C. Bills Properties, paid $1 million for the property in 2001, records show. Completed in 2005, the 25,496-square-foot building is part of Mirasol Town Square, a seven-building office park built by John C. Bills.
MHCommercial Real Estate Fund II (“MHCREFII”), a discretionary real estate private equity fund formed by Dung Lam, Neil E. Merin and Jordan Paul, has closed on the purchase of Yamato Office Center in Boca Raton for $45,925,000, or $267 per square foot. in a joint venture partnership with an institutional real estate fund based out of New York.
Yamato Office Center is a 171,724-square-foot office complex comprising two Class-A office buildings located at 999 and 1001 Yamato Road. Yamato Office Center was approximately 71% leased at the time of the sale. Christian Lee, Marcos Minaya, and Sean Kelly with CBRE Capital Markets represented the seller, Adler Real Estate Partners (“Adler Partners”).
999 Yamato Road, built in 2000, is a three-story, 82,974-square-foot office building. 1001 Yamato Road, built in 1986, is a four-story, 88,750-square-foot office building. The complex is located near the entrance of the Park at Broken Sound and is situated on approximately 10 acres of prime Yamato Road frontage lending a generous parking ratio which includes covered parking. The Park of Broken Sound has recently benefited from a renaissance through the development of over 1,900 multi-family units and over 554,000 square feet of retail. Yamato Office Center’s prime location is a short drive to a large variety of nearby upscale amenities and 15 minutes away from transportation infrastructures including I-95, the Boca Raton Airport, Tri-Rail and the future Boca Raton Brightline Florida station.
MHCREFII is the second real estate fund for Merin, Lam and Paul after closing and fully deploying their first fund in December 2021 acquiring approximately $125 million in commercial real estate. 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 with a target to acquire a total of $250 million of commercial real estate throughout the Southeastern United States over the next 12 to 18 months.
MHCREF and MHCREFII principals Neil E. Merin, Dung Lam and Jordan Paul stated, “We are very excited with the acquisition of Yamato Office Center at a purchase price well below replacement cost while also providing a tremendous opportunity to create value. Our plan is to reposition the asset as a premier Class-A office center primarily through capital improvements allowing Yamato Office Center to capture the robust demand for Class-A office space in Boca Raton. Boca Raton is one of the nation’s most attractive communities for wealthy decision makers and Yamato Office Center is specifically located in one of Boca Raton’s most rapidly urbanizing micro-markets.”
Corey Winsett, Director of Acquisitions for MHCREF oversaw the acquisition and due diligence process on behalf of MHCRFII’s JV partnership. Financing for the transaction was provided by LoanCore Capital a leading institutional lender that has financed over $25 billion in commercial real estate loans since 2008. Steve Kay, Managing Director and JP Kost, Vice President structured the financing transaction on behalf of LoanCore Capital.
Elizabeth Jones and John Strickroot of the Shutts & Bowen law firm represented the purchaser on the transaction. NAI/Merin Hunter Codman will manage and lease the property.
The SFOBA is a network of Professional Office Leasing Brokers in South Florida. Membership is by invitation only – landlord and tenant representatives are included.
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Personal Injury Lawyers Drop $337 PSF For Palm Beach Gardens Office Building
/in Done Deals, News/by SFOBA STAFFJohn C. Bills Properties sold the two-story property in the Mirasol Town Square commercial development.
MHCommercial Real Estate Fund II Acquires Office Complex For $45.9 Million
/in Done Deals, News/by SFOBA STAFFThe price equated to $267 per square foot.