Stiles Realty announced the sale of the 113,000-square-foot self-storage and 92,328-square-foot office components of Renaissance Commons, a mixed-use commercial complex in Boynton Beach.
The transaction closed Thursday for $13.9 million after being on the market for 45 days.
Stiles Realty senior vice president Dan Coyle and vice president Brian Batchelder represented both the seller, Redus One LLC, an affiliate of Wells Fargo Bank, as well as the buyer, Renaissance Office and Self-Storage. They are the only brokers involved in the transaction. Stiles has been leasing and managing the entire property since 2014.
“This mix of uses presented an excellent and rare opportunity in the thriving Boynton Beach market,” said Coyle. “Renaissance Commons benefits from excellent leasing fundamentals and a synergy with surrounding retail and residential areas, both of which will help to drive substantial growth of NOI over the next ten years.”
Located at 1880 N. Congress Ave. and 1500 W. Gateway Blvd., Renaissance Commons comprises a total of 293,000 square feet. The property was built in 2008 and is widely known for its 62,573 square feet of ground floor retail across two buildings. In addition, the property features office condos, office rentals and a self-storage facility.
In November 2015, Stiles executed the sale of the retail component for $18.2 million after being on the market for only 30 days. National and local tenants include Bonefish Grill, Starbucks, Village Tavern Restaurant, and AT&T.
According to Coyle, a major factor in this sale was the strong retail and office tenant profiles as well as the quality demographics with more than 112,000 residents living within a three-mile radius.
“This deal presented several challenges due to the fact that it is two different product types and maintains a condominium structure,” said Batchelder. “We were able to secure a single buyer for both components. We congratulate all parties involved who collaborated to execute a very smooth and successful transaction.”
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