The property includes 58,446 square feet of rentable space across two buildings on 5.23 acres.
The four-story, 93,219-square-foot boutique office building traded for $20 million.
Marcus & Millichap announced the sale of Promenade of Coral Springs, a mixed-use office and retail portfolio located at 1999 N. University Drive in Coral Springs for $11,940,000.
“This property boasts a great mix of office and retail tenants in one of South Florida’s most sought-after neighborhoods,” says Alex Zylberglait, executive managing director investments in Marcus & Millichap’s Miami office. “With significant upside in occupancy and rents, the new ownership will benefit for many years to come.”
Zylberglait and Michael Crocchiola exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor.
The property includes 58,446 square feet of rentable space across two buildings on 5.23 acres. It features 35,349 square feet of Class A office space divided into 14 suites, 13,360 square feet of multi-tenant retail across seven units, and a 9,737-square-foot outparcel occupied by Miller’s Ale House, which has been a tenant since 2003. The site has a diverse tenant mix, including national brands such as Avis and Nothing Bundt Cakes, along with established local businesses.
CBRE Capital Markets has facilitated the $20 million sale of Boca Corporate Center, a four-story, 93,219-square-foot boutique office building located at 2101 NW Corporate Boulevard in Boca Raton.
The buyer, Larsen MacColl Partners, is a Pennsylvania- and Florida-based real estate investment firm with a focus on commercial properties in affluent, dense suburban markets and with primarily professional service tenants. Boston-based Spaulding and Slye Investments, with over 50 years of experience investing in the U.S., provided asset management services on behalf of the seller.
Exclusively representing the seller, the sale was facilitated by the CBRE’s Office Investment Sales team, led by Vice Chairman Christian Lee, Vice President Sean Kelly, Senior Associate Tom Rappa, and Financial Analyst Matthew Lee. CBRE’s Debt & Structured Finance team, led by Senior Vice President Amy Julian and First Vice Present Andrew Chilgren, secured a $14 million loan with Deutsche Bank on behalf of the buyer.
“The property’s location within the Midtown Boca micromarket provides immediate access to the City’s top retail destinations as well as I-95 and the Turnpike,” said Lee.
“The boutique nature of the property appeals to the smaller tenants that frequent the Boca submarket,” added Kelly.
Boca Corporate Center features recently renovated lobby and common areas, highly efficient floor plates, and walkable amenities. There is significant upside through marking the in-place rents up to today’s higher market rents.
“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 Chilgren.
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Email: admin@sfoba.com
Marcus & Millichap Brokers $12 Million Sale Of Mixed-Use Office, Retail Portfolio In Coral Springs
/in Done Deals, News/by SFOBA STAFFThe property includes 58,446 square feet of rentable space across two buildings on 5.23 acres.
CBRE Arranges Sale, Financing Of Boca Office Building
/in Done Deals, News/by SFOBA STAFFThe four-story, 93,219-square-foot boutique office building traded for $20 million.