MIAMI—A New York buyer snapped up a two-story office building in Boca Raton that BB&T once called home. Lido Realty LLC bought the 8,010-square-foot asset for $4.6 million.
Located at 140 North Federal Highway, the office building was 100% leased at the time of sale. The main tenant, BB&T, no longer occupies the space but is still obligated to its original 12-year lease.
The seller, 140 N. Federal Hwy LLC, was represented by the CBRE Private Capital Group of vice president Dominic Montazemi, senior vice president Scott O’Donnell, and associate Miguel Alcivar. Forte Capital Management represented the buyer.
Montazemi called the deal a “strategic acquisition” for the buyer. “The purchase of the building is consistent with Lido Realty LLC’s strategy of purchasing boutique, irreplaceable assets in core locations. The seller was able to realize gains experienced through their leasing efforts while the buyer obtained a great asset with strong cash flow backed by BB&T credit with 10 years remaining to complete their 1031 exchange—a true win-win.”
The class A Palm Beach office building was substantially rehabilitated in 1999 and benefits from a strategic “Main and Main” location across from Mizner Park in Downtown Boca Raton. Mizner Park is home to high-density developments under way.