Cushman & Wakefield has arranged the sale of “ROC Urban Small Bays,” a 35,016-square-foot mixed-use portfolio located in the East Boca Raton submarket. The final sale price was $9.65 million, equating to $275 psf.
Cushman & Wakefield’s Greg Miller, Scott O’Donnell, Mike Ciadella, Dominic Montazemi, and Miguel Alcivar represented both the buyer and seller in the transaction. The portfolio was sold by Eire ROC 1, LLC & Eire ROC 2, LLC and acquired by Suburban Campus Properties, Inc.
“The heated investor appeal for this flex/office offering was driven by the tastefully renovated, urban-style built out small bay offices combined with a desirous East Boca Raton location that draws very high rental rates on a psf basis,” said O’Donnell, Executive Managing Director at Cushman & Wakefield.
ROC Urban Small Bays includes three buildings at 4181, 4160, and 4260 NW 1st Ave. The portfolio was fully leased at the time of sale to a diverse tenant base and is located within the Oak Circle Industrial Park, which encompasses approximately 2 million square feet of industrial product.
One of the portfolio’s key features is its ability to accommodate a variety of business uses through its unique mix of space types, which includes 25 flex office bays. East Boca Urban Small Bays is also positioned in a prime location within Boca Raton that is surrounded by several of South Florida’s most affluent and well-educated communities.
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