The 100,000-square-foot Boca Village Corporate Center, one of the premier Class A office buildings in Boca Raton, is under contract for about $30 million to an investment group from Brazil. The developable land next door is not part of the deal, sources said.
The identity of the buyer was not known, but sources said the buying group is made up of individual investors seeking to park their money in a stable, revenue-generating property. The character of the group is important because groups of individual investors from Brazil are increasingly interested in South Florida’s commercial inventory.
Malcolm Butters, Ned Segal and Art Falcone were partners in the development of the Boca Village Corporate Center, at 4855 Technology Way. Tenants include professional services firms like Oppenheim and Smith Barney.
Butters Construction and Development would not comment on the possible sale. CB Richard Ellis’ Chris Lee and is representing both parties in the deal, was not immediately available for comment.
The pending purchase comes as institutional buyers have returned to the market, which is driving strong activity among a wide spectrum of buyers in the commercial sector. The most recent example is Las Olas City Centre, which is under contract for about $160 million, or $400 a square foot.
Peter Reed, principal with Commercial Florida Realty Services, which is not involved in the deal, said the interest in Boca Village, which may sell for as much as $300 a square foot, is justified because of its location, the quality of the building and the solid tenancy.
Tom Capocefalo, managing director with tenant representative firm Studley, was not involved in the deal, but said the “top tier” tenancy and the small number of trophy office buildings in Boca Raton drove the price.
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