MHCommercial Real Estate Fund II Acquires Office Complex For $45.9 Million
The price equated to $267 per square foot.
The price equated to $267 per square foot.
A partnership between Ft. Lauderdale-based Mitchell Property Realty, Inc. and Atlanta-based Ridgeline Property Group acquired the property and plan on developing a 227,000-square-foot spec office, warehouse, distribution facility located inside Westlake Landings, a 50-acre master-planned business park located off Seminole Pratt Whitney Rd.
The portfolio consists of seven multi-tenant office buildings totaling 308,305 square feet.
1801 Building is now 97% occupied following the latest transactions; Infinity Sales Group moves into the company’s Park at Broken Sound building.
New ownership plans to spend north of $10 million in capital improvements to the property throughout 2022, including renovations to the lobby areas, corridors, and restrooms of Tower I, II and III. Additionally, they will be enhancing tenant amenities with a conference center, lounge, and state-of-the-art gym.
He will join the firm’s Miami-based Office Agency Leasing team consisting of Brian Gale, Andrew Trench, Ryan Holtzman, Jeannette Mendoza and Lena Weeks.
Construction of Midtown Place at Boca Raton will launch in early 2023, delivering the first major ground-up development of a multi-tenant Class A+ office building to the city in more than a decade. Butters expects to deliver the five-story, $70 million-plus office building by mid-2024.
JLL represented the seller, Pearlmark, and procured the buyer, CS Ventures.
Quest currently occupies 12,783 square feet on the third floor and will take an additional 13,164 square feet on the fourth floor, which they will occupy in October.
The asset is 87 percent leased to a diversified tenant roster with five or more years of weighted average lease term.
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