Boca Office Building Sells

The Courtyard office building in Boca Raton, located at 5301 North Federal Highway, has sold for $6.25 million, according to Marcus & Millichap, which represented the seller, CONECA PROP LTD.
The 73,800 square foot, 3-story office building was built in 1983.  Coneca purchased the asset in September 1999 for $9 million, according to Palm Beach County Property Appraiser records.
“The property is currently 42 percent occupied with below market rents, providing strong upside potential,” said Douglas Mandel, vice president for investments in the firm’s Fort Lauderdale Office, who represented the seller along with Benjamin Silver in the Miami office.
The buyer, a local investor, plans to upgrade the building.
Source:  TheRealDeal



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