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Butters Picks Up Boca Office Complex For $21 Million

March 27, 2017/in Done Deals, News/by SFOBA STAFF

Butters plans to bring the property from a Class C to a Class B asset. CLICK ON THE HEADLINE FOR MORE

CBRE’s Genet, O’Loughlin Negotiate Record Price In Sale Of Former Post Office Building

March 12, 2017/in Done Deals, News/by SFOBA STAFF

The Class C building was purchased for approximately $123.00 per square foot. CLICK ON THE HEADLINE FOR MORE

Butters Picks Up Boca Office Complex For $21 Million

March 27, 2017/in Done Deals, News/by SFOBA STAFF

Butters plans to bring the property from a Class C to a Class B asset. CLICK ON THE HEADLINE FOR MORE

CBRE’s Genet, O’Loughlin Negotiate Record Price In Sale Of Former Post Office Building

March 12, 2017/in Done Deals, News/by SFOBA STAFF

The Class C building was purchased for approximately $123.00 per square foot. CLICK ON THE HEADLINE FOR MORE

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Butters Picks Up Boca Office Complex For $21 Million

March 27, 2017/in Done Deals, News/by SFOBA STAFF

Butters just paid $21 million for a three-building office complex in Boca Raton, marking the real estate firm’s third acquisition in the Palm Beach County office market in the past year.

A Butters affiliate, BREF 1900 LLC, bought the 120,000-square-foot office complex at 1900-2000 Northwest Corporate Boulevard, off Glades Road and I-95, the company said. The price equates to $175 per square foot.

Records show the seller is New York-based DRA Advisors, which had paid $19 million for the property in 2008.

CBRE brokered the deal.

“There was no asking price,” said Adam Vaisman, director of acquisitions for Coconut Creek-based Butter. “Bids came in and we ended up being selected.”

Vaisman said the three buildings are currently 78 percent occupied, with tenants including Garda World; Rogers & Cowan; Milber Makris, Plousadis & Seiden; Katz & Associates and Pinkerton. The buildings have covered parking.

He said Butters plans to invest $3 million in the complex, with a goal of bringing it up from Class C to Class B, and allowing the company to raise rents by a few dollars to the low $20s per square foot. Vaisman declined to provide the buildings’ exact current lease terms. Planned capital improvements include modernizing the exterior, entrance and corridors with new carpeting, tile, paint and fixtures, as well as enhancing the landscaping.

“In the Class A market, the asking rents are upper $20s, $30s net, and we feel there is a gap between that class’s rents and the Class B rents, and we can take advantage of that,” Vaisman said. “We can raise the rents by investing some money in the buildings.”

During the past 10 months, Butters also purchased 851 Broken Sound for $6.125 million in May and 3010 Military Trail for $4.6 million in October, bringing its total office acquisition in Boca Raton to 210,000 square feet and $31.7 million.

“We just like office product in this market,” he said. “No one is building it and you can buy it below replacement cost.”

Overall in Palm Beach County, demand for office space is high, according to an Avison Young report released early this year. New construction is expected in West Palm Beach this year, such as the Gardens Innovation Center, which incorporates green building features.

Source: The Real Deal

CBRE’s Genet, O’Loughlin Negotiate Record Price In Sale Of Former Post Office Building

March 12, 2017/in Done Deals, News/by SFOBA STAFF

CBRE Senior Vice President Tom O’Loughlin and Vice President Larry Genet negotiated the sale the Former Post Office Building located at 4350 North Andrews Avenue in Oakland Park, to a new-to-market company.

Andrews Ave. Estate LLC, dba Panda Kitchen & Bath, a kitchen and bathroom supply store, purchased the property for $2,500,000, or approximately $123.00 per square foot.

O’Loughlin and Genet represented the seller, RLC LTD, in the transaction, which closed March 2.

The one-story, 20,368-square-foot Class C building, which is situated on 2.34 acres, was built in 1965 and has been used as a post office facility since 1996. The building offers direct frontage on Andrews Ave., with 20,500 cars passing per day. The single tenant, freestanding property features 14′ -16′ ceiling heights and a parking lot that can accommodate 106 parking spaces.

“The building was in poor condition with all kinds of specialized build-out by the prior tenant, the United States Post Office,” explained Genet. “It took some serious vision and strategic planning to develop a custom marketing program that relied heavily on digital renderings. Ultimately, that plan generated multiple offers for sale and lease.”

“This is the third residential construction-related deal our team has done in the past two months,” added O’Loughlin. “Stone & marble, cabinet, fixture and furniture companies are all experiencing tremendous growth with the addition of thousands of apartment and condo units being built this cycle.”

According to its website, Panda Kitchen & Bath’s philosophy is to save the customer money by owning the quarry and manufacturing plant, thereby providing the best quality product and the best service at the fairest price, allowing customers to afford quality kitchens and bathrooms that they couldn’t afford before.

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Butters Picks Up Boca Office Complex For $21 Million

CBRE’s Genet, O’Loughlin Negotiate Record Price In Sale Of Former Post Office Building

Butters Picks Up Boca Office Complex For $21 Million

CBRE’s Genet, O’Loughlin Negotiate Record Price In Sale Of Former Post Office Building

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Butters Picks Up Boca Office Complex For $21 Million

“There was no asking price,” said Adam Vaisman, director of acquisitions for Coconut Creek-based Butter. “Bids came in and we ended up being selected.”

“In the Class A market, the asking rents are upper $20s, $30s net, and we feel there is a gap between that class’s rents and the Class B rents, and we can take advantage of that,” Vaisman said. “We can raise the rents by investing some money in the buildings.”

“We just like office product in this market,” he said. “No one is building it and you can buy it below replacement cost.”

CBRE’s Genet, O’Loughlin Negotiate Record Price In Sale Of Former Post Office Building

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