TJAC Development closed on its fourth property in Boca Raton in four years, this time buying the City National Bank building for $40 million.
TJAC bought the office plaza at 7000 Powerline Road in a value-add play, according to a press release. Stateland Brown, a commercial real estate firm based in Boca Raton, brokered the deal. TJAC, led by managing partner Zvi Schwarzman, financed the deal with an undisclosed loan from Bank Leumi, brokered by Meridian Capital.
The seller, 7000 West Palmetto 1 LLC, is managed by Stoltz Companies president Morris “Skip” Stoltz. Jason Carros of Stoltz represented the seller.
The building transferred ownership from a similar entity, Arbern Investors III, for $23 million last year and was refinanced, months after the Arbern defaulted on its mortgage. At the time, Stoltz said Arbern “had owned the building for 30 years and will continue to own it,” adding that it planned to make $2 million in capital and tenant improvements to the property.
City National Bank Plaza sits on 7.3 acres and was built in 1986. The six-story building includes a 9,928-square-foot restaurant, records show. Arbern paid $15.4 million for the property in 1987.
For Boston-based TJAC, the acquisition adds 146,000 square feet to its now 500,000-square-foot portfolio in the western Boca Raton corridor. In February, it bought a Class B office building for $11.5 million.
Source: The Real Deal
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