Tag Archive for: rockpoint group

Boca Raton Office Building Could Be Redeveloped

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A long-standing office property in Boca Raton may be repositioned as a mixed-use residential project under Florida’s Live Local Act.

ZNT LLC, led by Jeffrey Levitetz of Boca Raton-based Bark Property Management, has submitted an application to amend the master plan for an 8-acre site at 5300 Broken Sound Blvd. NW. The request would allow the existing office property to be redeveloped into a multifamily and retail project utilizing Live Local Act provisions.

The site is part of a broader master-planned area that previously included a neighboring 297-unit apartment community at 5400 Broken Sound Blvd. NW, now known as Amalta Broken Sound. ZNT LLC sold that parcel in 2019 to affiliates of Related Group and Rockpoint Group, which completed the development in 2022. The property was sold later that year for $194 million, underscoring the strength of the Boca Raton multifamily market.

ZNT LLC now controls the remaining parcel, which currently contains a 58,614-square-foot office building dating back to 1982. According to online listings, nearly all of the office space is presently available for lease.

Under the Live Local Act, developers may build multifamily projects at the maximum height and density allowed within a municipality if a portion of the units are designated as workforce housing. While the state law generally requires 40% of units to meet workforce housing thresholds, Boca Raton has adopted a local ordinance allowing projects to qualify with as little as 10%.

Plans for the Broken Sound Boulevard site call for a seven-story development with 191 residential units, supported by a five-story parking garage with 420 spaces. The proposal also includes two retail buildings totaling 31,000 square feet, along with 230 surface parking spaces dedicated to retail use. Of the residential units, 19 would be reserved for households earning up to 120% of area median income, and 10 units would serve households earning up to 140% of area median income.

Preliminary plans identify two retail spaces as potential grocery and emergency room uses, though no tenants have been formally announced. The project was designed by Boca Raton-based HDA Architects.

While several Live Local Act proposals have been submitted in Boca Raton, none have begun construction to date. The first Live Local Act project combining workforce and market-rate housing to break ground in the region is located in nearby Boynton Beach.

 

Source:  SFBJ

Chicago Firm Picks Up West Palm Office Building

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Chicago-based Bradford Allen Investment Advisors has made its second splash in the South Florida office market with its purchase of One Clearlake Centre office tower from Rockpoint Group for $45 million, according to property records provided by Vizzda.

The company intends to invest an additional $10 million into refurbishing the property, which currently has a 62% occupancy rate, as part of a value-add strategy.

The 221,000-square-foot building was purchased in 2021 for $60.7 million by Rockpoint Group in partnership with Tricera Capital, NDT Development, and New England Development. Despite efforts, occupancy has remained stagnant, resulting in a nearly 26% loss on the recent sale.

Built in 1986 and located at 250 South Australian Avenue in downtown West Palm Beach, the building will receive a new roof, updated elevators, a renovated fitness and conference center, a tenant lounge, and food service upgrades. Bradford Allen also plans to introduce four move-in-ready spec suites in 2025.

Current tenants include Truist Bank, Ideal Nutrition, and Robert Half.

The leasing for the building will be managed by Tower Commercial Real Estate, led by Jon Blunk and Laurel Oswald.

While One Clearlake has struggled, newer properties like One Flagler — opened in February and 95% leased — reflect strong demand for modern office space. According to CBRE, Class A office buildings in the West Palm Beach central business district have a low direct vacancy rate of 2.8%.

“There is significant potential in repositioning One Clearlake,” said Blunk. “Like other urban cores, downtown West Palm Beach is seeing strong demand for premium office space as top-tier companies move in.”

Earlier this year, Bradford Allen made its entry into South Florida with a $208 million purchase of Las Olas Centre I and II in Fort Lauderdale, the city’s largest office sale in nearly ten years. That building was 69% occupied, and the firm plans a $25 million renovation.

CBRE’s Sean Kelly, Amy Julian, Andrew Chilgren, Tom Rappa, and Mathew Lee represented the seller in the transaction.

 

Source:  Bisnow