HFF Brokers Sale of Peninsula Executive Center in Boca Raton
- Jun 19, 2017
HFF arranged the sale of Peninsula Executive Center, a 187,784-square-foot, Class A office property in Boca Raton, Fla. The asset changed hands in a $59.8 million deal, with HFF securing $33.5 million in acquisition financing on behalf of the new owner/borrower.
Long-Term, Fixed-Rate Financing
Peninsula Executive Center consists of two four-story office buildings located at 2381 and 2385 Executive Center Drive. HFF marketed the property on behalf of the seller and procured the buyer. According to public records, CDR Realty sold the asset to Boston-based C. Talanian Realty Co., while Principal Real Estate Investors originated the long-term, fixed-rate mortgage scheduled to mature in July 2032.
Completed in 1998, the property features a 742-space parking structure, 24-hour on-site security and landscaped surroundings. The asset is anchored by Newell Brands and is currently 97 percent leased. Centrally located in Boca Raton and adjacent to the Midtown Boca district, Peninsula Executive Center provides access to Interstate 95 and Glades Road. The location offers proximity to restaurants, executive housing and retail venues including Town Center Mall and University Commons.
Senior managing directors Chris Drew and Hermen Rodriguez led HFF’s advisory team, alongside Director Ike Ojala, Associate Director Brian Gaswirth and Associate Matthew McCormack.
“This acquisition marks the first major investment in South Florida by C. Talanian Realty Co.,” said Drew in prepared remarks. “The buyer was attracted by this opportunity due to its main and main location within the heart of Boca and the durable long-term cash flow. A number of balance sheet lenders aggressively pursued this opportunity; however, Principal was ultimately selected due to their deep knowledge of the Boca office market and their ability to structure a creative financing solution,” he added.
Image courtesy of C. Talanian Realty Co.