Adler Kawa Real Estate Advisors (AKREA), a vertically integrated real estate investment firm, has re-entered the South Florida market through the acquisition of Yamato Office Center in Boca Raton.
The purchase represents AKREA’s second acquisition in Fund III, which launched earlier this year and to date has raised $53 million in new capital. AKREA paid $32.25 million for the office asset.
AKREA’s predecessor organization Adler Group has been developing and investing in South Florida for almost 60 years. The acquisition of Yamato Office Center marks AKREA’s first acquisition in South Florida since entering the Fund business in 2010.
Built in 1986 and 2000, Yamato Office Center is comprised of two office buildings totaling 170,930 square feet. The office park is comprised of a diverse tenant mix including Promise Healthcare, MoreDirect, and Homes Media E-Neighborhoods.
The buildings are located near the entrance to the Park at Broken Sound formerly known as Arvida Park of Commerce. The park is currently undergoing a renaissance through the development of 1,372 multifamily units and over 554,000 square feet of retail, including Boca Raton’s newest Fresh Market.
“We are excited to make a significant investment in the South Florida market with the purchase of Yamato Office Center,” said Matthew Adler, President and CEO of AKREA. “South Florida has always been a targeted market due to its dynamic growth story and we are thrilled to purchase a property in Boca Raton that perfectly meets our cash flow strategy.”
Christian Lee, Vice Chairman of CBRE Miami represented the seller in the Yamato transaction. Financing for the acquisition was secured by Charles J. Foschini, Vice Chairman, and Christopher A. Apone, First Vice President, in CBRE’s Miami office.
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