Hollywood Buyer Snaps Up Boca Office
- Nov 18, 2015
By Balazs Szekely, Associate Editor
URS Corporate Center, a Boca Raton office property, was sold recently in a $7.5 million transaction mediated by Marcus & Millichap.
The 42,455-square-foot asset is located at 7800 Congress Ave. Senior Vice President of Investments Douglas K. Mandel of Marcus & Millichap completed the sale on behalf of the seller, RJE Investments #1 LLC, a Michigan-based limited liability company. The deal was closed on Nov. 5. The buyer, Naya USA Investment & Management LLC, is a Hollywood, Fla.-based limited liability company.
The property is part of the Boca Commerce Center, a 327-acre business park situated less than 6 miles from Boca Raton’s core, in the southwest quadrant of Interstate 95 at the Congress Avenue (NW 82nd Street) interchange, which is just south of the Boca-Delray line. The Class-B office building was completed in 2000 on a 2.67-acre lakefront parcel, and it was 100 percent occupied at the time of the sale.
“The Boca Raton investment market has rebounded strongly, aided by investors motivated to make purchases and wider availability of acquisition debt,” Mandel said in a prepared statement. “This was a rare opportunity to acquire a stabilized, multi-tenant office building with tremendous visibility and immediate access to I-95.”
Photo credit: Boca Commerce Center