Avison Young’s Florida Capital Markets Group negotiated the sales.
Transwestern Senior Managing Directors John Bell and Kevin Markwordt arranged the disposition on behalf of the undisclosed seller.
Avison Young’s Florida Capital Markets Group negotiated the sales of two office buildings totaling 55,000 square feet in Boynton Beach. The assets sold in two separate transactions on behalf of the seller for a combined price of $9,150,000.
Representing the seller, TP Ten LLC, Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Gary Gottlieb, SIOR, RPA; Vice President Brian C. de la Fé; and Associate Berkley Bloodworth completed the transactions.
Adjacent to the soon-to-be-redeveloped Boynton Beach Mall, the properties boast abundant parking, high walkability, and prominent visibility and access from Congress Avenue. The class B buildings were 50% occupied at the time of sale, and each buyer has associated businesses with plans to absorb significant portions of the vacancy.
“The demand for office properties is strengthening along with optimism regarding the COVID-19 vaccine, allowing more people to return to work safely,” said Duckworth. “Selling the assets along the highly-trafficked North Congress Avenue in two separate transactions allowed the seller to maximize the pricing.”
According to Avison Young research, first quarter 2021 posted Boynton Beach’s total office vacancy rate at 13.1%, which has remained steady throughout the pandemic. Leasing activity in 2021 is on track to outpace the previous year.
Transwestern Real Estate Services (TRS) announces its Southeast Investment Sales team has brokered the sale of a 143,530-square-foot, two-building office property at 5600 Broken Sound Blvd. NW in Boca Raton.
Transwestern Senior Managing Directors John Bell and Kevin Markwordt arranged the disposition on behalf of the undisclosed seller.
“The highly configurable asset provides multiple occupancy scenarios, from a plug-and-play single tenant to a corporate headquarters to multi-user options,” said Bell.
The 12.24-acre property encompasses a one-story, 51,381-square-foot building and a three-story, 92,149-square-foot building connected by a corridor, with surface parking for convenient, direct access. The business hub, previously occupied by Canon, features a cafeteria, conference rooms, collaborative work areas, and an open-air courtyard.
Situated in the center of Boca Raton’s corporate and innovation district, the property offers high visibility from Broken Sound Boulevard with walkability to top shopping, dining and residential amenities plus access to Broken Sound Club, a championship golf course across the street. The office park provides free shuttle service to and from the TriRail commuter train, connecting riders to a swath of destinations across South Florida.
“Boca Raton is a growing base for innovation, research and technology, attracting corporate and large office tenants,” said Markwordt. “The property’s value-add potential coupled with the market’s lack of large blocks of office space made it a desirable investment for the buyer.”
The SFOBA is a network of Professional Office Leasing Brokers in South Florida. Membership is by invitation only – landlord and tenant representatives are included.
Email: admin@sfoba.com
Email: admin@sfoba.com
Two-Building Boynton Beach Office Portfolio Sells
/in Done Deals, News/by SFOBA STAFFAvison Young’s Florida Capital Markets Group negotiated the sales.
Mixed-Use Business Park In Boca Raton Trades For $18 Million
/in Done Deals, News/by SFOBA STAFFTranswestern Senior Managing Directors John Bell and Kevin Markwordt arranged the disposition on behalf of the undisclosed seller.