Under the proposal, the project will feature 117,000 square feet of office space in seven stories and 557 parking spaces in six stories.
Bridge purchased the property paid $144 per SF for the 11-building office park in March 2019 and sold it for around $95 per SF.
Plans for a Class A office building close to the Town Center at Boca Raton mall have been filed by CP Group.
The city received designs for the five-acre site on the west side of North Military Trail, directly south of the One Town Center office complex, from the local developer via affiliate CP Group via CP OTC LLC. Two Town Center is still owned by CP Group, who also constructed and sold One Town Center.
Under the proposal, Three Town Center will feature 117,000 square feet of office space in seven stories and 557 parking spaces in six stories. It was designed by Tampa-based TVS Florida Architecture.
Angelo Bianco, managing partner of CP Group, said Boca Raton has missed out on many of the big office tenant relocation deals that headed to West Palm Beach in recent years, but Boca Raton hasn’t had a Class A building developed in many years. He aims to change that.
Three Town Center is slated for smaller floor plates, around 12,000 square feet each, and likely a restaurant on the ground floor.
Mike Erickson and Laurel Oswald with TCRE have been tapped to lease the new office building, according to a marketing brochure.
Source: SFBJ
Bridge Investment Group sold a 514,000-square-foot office park in Sunrise for $49M, a nearly 35% discount from what the firm paid for the property five years ago.
IMC Equity Group, a North Miami-based investment firm led by Yoram Izhak, purchased the 56-acre Sawgrass Technology Park at 601-1699 NW 136th Ave. It took a $30M mortgage from Israel Discount Bank of New York to close the deal, according to property records from property intelligence platform Vizzda.
Cushman & Wakefield’s Dominic Montazemi, Mike Davis, Mike Ciadella, Scott O’Donnell, Rick Brugge and Rick Colon represented Bridge in the sale.
Bridge purchased the property for $74M in March 2019 with a $59M loan from Capital One. The Utah-based investment firm, which has offices around the U.S., Seoul and Luxembourg, paid $144 per SF for the 11-building office park and sold it for around $95 per SF. The two-story buildings in the office park were built in 1984 and 1985, and Bridge pledged to invest $5M into capital improvements when it purchased the property. At the time, the property was 76% leased.
Online marketing material for the property indicates it is around 30% vacant, with 138K SF available, although some of that space could be occupied. Spaces at the property from 2K SF to 40K SF are listed by Cushman & Wakefield for $22 per SF.
Bridge completed tenant improvements at the property, including a new tenant amenity center with a café, lounge and fitness center, a marketing brochure says.
Sawgrass Technology Park is the second South Florida office property Bridge took a loss on this year. In January, the firm sold the 141K SF office building at 8600 NW 36th St. in Doral for $28.5M five years after paying $37M to acquire it. The 20-year-old property was 88% leased at the time of sale and traded at a roughly 10% capitalization rate.
Source: Bisnow
New Office Building Coming To Boca Raton
/in News/by SFOBA STAFFUnder the proposal, the project will feature 117,000 square feet of office space in seven stories and 557 parking spaces in six stories.
Bridge Investment Group Takes 35% Hit On Broward Office Park
/in Done Deals, News/by SFOBA STAFFBridge purchased the property paid $144 per SF for the 11-building office park in March 2019 and sold it for around $95 per SF.