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Butters, PEBB Enterprises Acquire Boca Raton Office Buildings

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Butters Construction & Development, Inc. and PEBB Enterprises announced the successful acquisition of two office buildings located at 2000 Glades Road and 1951 Wyndham Way in Boca Raton for $26.15 million, equating to more than $438 per square foot.

The transaction marks the first partnership between the two firms.

The two multi-tenant office buildings total 59,667 square feet in one of Boca Raton’s busiest business corridors. The buildings are currently 75% occupied, presenting significant upside potential through a targeted capital improvement program and a focused, aggressive leasing strategy aimed at capturing mark-to-market opportunities.

Butters and PEBB plan to enhance the buildings through strategic upgrades and repositioning efforts designed to attract new tenants and elevate the overall tenant experience. The partnership will leverage both firms’ deep local expertise and operational capabilities to maximize the value of the asset.

Butters brings a longstanding track record to the partnership, having built more than 28 million square feet of commercial real estate valued at over $5 billion during its 36-year history. The company has developed a wide range of office, industrial and mixed-use projects throughout South Florida and beyond.

“Partnering with PEBB on this acquisition represents a natural alignment between two firms that share a long-term vision for Boca Raton,” said Malcolm Butters, President and Co-Founder of Butters Construction & Development, Inc. “This is a well-located asset with strong fundamentals and compelling upside. We see a clear opportunity to enhance the property and capture demand from tenants seeking high-quality office space in this market.”

PEBB is one of South Florida’s most active commercial real estate investment and development firms, with a long track record of acquiring, repositioning and developing assets throughout Boca Raton and the broader South Florida market. Over the past decade alone, PEBB has completed more than 5 million square feet of transactions representing more than $3 billion in value.

“This acquisition shows our continued conviction in Boca Raton as a premier office market,” said Ian Weiner, CEO of PEBB Enterprises. “With strong demographics, limited new supply and increased leasing activity, we believe this property is well-positioned for long-term growth. We are excited to partner with Butters on our first transaction together and unlock the full potential of this asset.”

 

“This is exactly the type of opportunity we are focused on – well-located assets where we can apply a disciplined capital program and leasing strategy to create value,” said Eric Hochman, Chief Investment Officer of PEBB Enterprises. “Boca Raton continues to show strong demand fundamentals, and we see a clear path to improving both tenancy and overall performance at the property.”

Abanca provided acquisition financing for the transaction, supporting the partnership’s business plan.

Douglas Mandel of Marcus & Millichap’s Institutional Property Advisors division, along with Zach Levine and Cody Hershey, brokered the sale on behalf of the seller, BOA 520 LLC. Christopher Staller of Nelson Mullins Riley & Scarborough LLP represented the buyers in the transaction.

IPA Brokers Office Asset Sale In Palm Beach County

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Institutional Property Advisors (IPA) announced the sale of the PGA Design Center, a 43,878-square-foot professional building located within PGA Station, a mixed-use development in Palm Beach Gardens.

The property sold for $15.5 million.

“Located in one of South Florida’s most affluent and supply-constrained markets, the property benefits from long-term tenancy, strong lease commitments, and the demand drivers of a master-planned environment that integrates office, medical, retail and hospitality,” said Douglas Mandel, IPA executive managing director investments.

Mandel, along with Zach Levine and Cody Hershey of Marcus & Millichap represented the seller, PGA Design Partners LP, with support from the Falk Weprin team at Colliers. The Marcus & Millichap team, in collaboration with Colliers executive vice president Scott Weprin, sourced the purchaser, LRP Properties 3901 LLC.

The property is just off RCA Boulevard, close to PGA Boulevard, and Interstate 95. The Gardens Mall, Downtown at the Gardens, and the PGA National Resort and Spa are nearby.

Within a three-mile radius, the population is over 79,000 and the annual median income is more than $439,000.

Built in 2006, the PGA Design Center’s tenants are New Radiance Cosmetic Centers, Score At The Top Learning Centers and Schools, and Outside the Box Coastal Home Furnishings. At the time of the sale, the center was 100% occupied.

Institutional Property Advisors Facilitates Sale Of Class A Office Building In Boca Raton

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Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced the sale of 1200 Corporate Place, a 137,021-square-foot, Class A office property in Boca Raton.

The asset sold for $31,400,000.

“The building was 84% leased at the time of sale, and with approximately 40% of the rentable square footage set to roll over in the next four years, new ownership has a compelling opportunity to drive significant net-operating income growth over the next decade,” said Douglas Mandel, IPA executive managing director investments. “Strategically located at one of the most visible intersections in Boca Raton, the property benefits from a daily traffic count exceeding 50,000 vehicles, providing invaluable exposure to its diverse tenant mix.”

Mandel, along with Zach Levine and Cody Hershey of Marcus & Millichap represented the seller, Keystone Property Group.

1200 Corporate Place is prominently positioned at the intersection of Glades Road and Federal Highway/U.S. Route 1, a gateway corridor that links Downtown Boca Raton with the greater Palm Beach County region. The building is a half mile from Mizner Park, the city’s open-air lifestyle center featuring upscale retail, fine dining, and cultural venues such as the Boca Raton Museum of Art and Mizner Park Amphitheater.

“Surrounded by some of South Florida’s most prestigious residential communities, including The Sanctuary, Royal Palm Yacht & Country Club, and The Golden Triangle, the property is ideally situated for professional tenants seeking a live-work-play environment,” added Mandel. “The nearby Brightline Boca Raton Station, offering high-speed rail service to Miami, Fort Lauderdale, West Palm Beach, and Orlando, adds a layer of accessibility that is unmatched in the region.”

The location also benefits from proximity to the Boca Raton Resort and Club, Boca Raton Airport, and Interstate 95. Average annual household income within a three-mile radius exceeds $122,000.

Built in 1984 and situated on more than five acres, 1200 Corporate Place underwent a comprehensive renovation in 2024. Enhancements included a modernized lobby with water feature upgrades, full parking lot resurfacing, and extensive landscaping improvements to elevate curb appeal. The building features a striking four-story central atrium lobby, a two-story structured parking garage, and a full-service café that caters to both tenants and visitors.

“This transaction highlights sustained investor interest in well-located, institutional-quality office assets in dynamic South Florida submarkets like Boca Raton,” Mandel concluded.