Colliers Closes $9M Office Sale in Boca Raton
- Nov 03, 2017
Colliers International South Florida brokered the sale of a Class A, 45,803-square-foot office building located within the Peninsula Corporate Center in Boca Raton, Fla. Senior Vice President Kevin McCarthy and Associate Bastian Laggerbauer represented LNR Partners in the transaction.
New Jersey-based investor Brandon Rolnick acquired the asset for roughly $9 million, or $195 per square foot. The building traded following a three-day scheduled auction on Ten-X. Prior to the sale, LNR Senior Vice President John Mitchell retained Colliers to spearhead leasing and property management efforts. Earlier this year in May, LNR Partners became the special servicer for the property through a foreclosure procedure.
Office condo options
Located at 950 Corporate Peninsula Circle, the three-story building was completed in 2006 and recently underwent a series of upgrades led by LNR and the Colliers team. The property offers separately metered suites suitable for an office condominium conversion, full-generator backup and hurricane-impact glass throughout. Security features include roving after hours and weekend patrol, after-hours card access and security cameras.
“The unique feature regarding this property is that every unit is self-contained with private bathrooms and separately metered utilities,” McCarthy said in prepared remarks. “The opportunity to acquire an income-producing foothold with a reasonable value-add component in a high barrier-to-entry market like this was a huge draw for investors. And the desirability of the property’s location and its future potential really helped LNR achieve a competitive sales process,” added Laggerbauer.
Peninsula Corporate Center is situated on roughly 2.7 acres, just off both Interstate 95 and Congress Avenue, south of the Boca-Delray line.
Image courtesy of Colliers International
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