Marcus & Millichap announced the sale of two office buildings in Boca Raton.
Branded as The Greenhouse, the buildings are located at 5255 and 5301 North Federal Highway in Boca Raton. The assets sold for a combined $15,675,000.
“The transaction of these office buildings demonstrates the continued strength of the office market and investor demand for office buildings in South Florida,” said Douglas Mandel, executive managing director investments. “Boca Raton has witnessed significant population growth in recent years, and the demand for leasing space remains strong,” continued Mandel.
Mandel and Zach Levine, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Wigder Investment Group, and procured the buyer, Bark Management.
The multi-story buildings comprise approximately 93,000 square feet and sit on approximately 5-acres at the corner of North Federal Highway (US-1) and Yamato Road, near the Interstate-95 interchange. The Greenhouse brand aims to provide start-up businesses with flexible, turnkey space at affordable prices.
The properties include private offices ranging from individual suites to multi-office suites, spanning from 150 to 5,000 square feet. They are currently 96% occupied. The buildings feature a café, lobby, conference rooms, on-site property management and ample parking. The Greenhouse caters to Boca Raton’s growing start-up industry and is situated in the heart of growth and rejuvenation in the immediate area, including the newly opened Brightline station.
Office space provider International Workplace Group will open an outpost in Boca Raton, as part of an expansion in suburban and coastal areas of Florida.
International Workplace Group leased 13,000 square feet at 6501 Park of Commerce Boulevard, where it will operate through its Regus brand, according to the tenant’s news release. The branch is expected to open “soon,” according to the company’s website.
Led by Mark Dixon, International Workplace Group expanded to seven other outposts in Florida in a push to bring co-working and private offices, as well as meeting rooms to areas where workers generally have to drive to bigger cities for work.
The expansion brings the firm’s Florida footprint to 86 outposts.
Source: The Real Deal
Marcus & Millichap Facilitates Sale Of Two Boca Raton Office Buildings
/in Done Deals, News/by SFOBA STAFFThe assets sold for a combined $15,675,000.
International Workplace Group Leases 13,000 SF In Boca
/in Done Deals, News/by SFOBA STAFFThe expansion brings the firm’s Florida footprint to 86 outposts.