Landmark Mixed-Use Property In Boca Trades
The buyers plan to reposition the streetscape environment, including the retail tenancy and merchandising mix.
The buyers plan to reposition the streetscape environment, including the retail tenancy and merchandising mix.
The 286,890-square-foot office property also secured $82.1 million in buyer financing from City National Bank of Florida.
The acquisition represents a notable diversification of the buyer’s South Florida holdings.
Renewing the lease would have resulted in rent increasing by roughly three times the firm’s prior rate.
The deals include a full-floor new-to-market tenant and multiple renewals.
The activity includes three new leases and two renewals from tenants spanning healthcare, tech, and education sectors.
The activity is comprised of three new leases, three lease renewals, and two expansions, all completed within the past three months with a range of prominent legal and financial service firms.
Colliers’ Stephen Rutchik represented the long-term tenant in the lease renewal. JLL’s Steven Hurwitz, Doug Okun, and Madeline Fine represented the landlords in the lease transaction.
The asset last sold for $99.5 million.
Under the proposal, the project will feature 117,000 square feet of office space in seven stories and 557 parking spaces in six stories.
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