1325 Congress, an affiliate of the Boca Raton-based real estate investment group, secured the acquisition with a $4 million mortgage through J.P. Morgan Mortgage Capital. The Boca Raton offices of Holliday Fenoglio Fowler arranged the three-year, adjustable-rate mortgage.
1325 Congress is preparing renovation work on the two-story office property at 1325 Congress Ave. Built in 1985, the property is 95% leased.
"It's a solid, active office market," Kurt Hoffman, a Holliday Fenoglio senior director, tells GlobeSt.com. "What's good about this is the property has an excellent location on Congress Avenue north of Woolbright Road, and that's a growing residential and commercial area."
Hoffman arranged the deal in partnership with Barbara O'Donoghue, another senior director.
Ned L. Siegel controls 1355 Congress. About five years ago, Siegel led an investment group that acquired Blue Lake Corporate Center in Boca Raton from IBM. The facility now operates as T-REX Technology Center, a telecommunications facility. Siegel also led a group of investors that acquired One Miami, a nine-acre mixed-use development in Downtown Miami.
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