BOCA RATON, FL-BV Partners, a private individual in California, has bought the new 26,300-sf Village Plaza at Boca Village for nearly $16.3 million. "The price of $618 per sf is the highest per-sf price recorded for suburban multi-tenant retail in Southeast Florida," says David Donnellan, first VP in the local office of CB Richard Ellis.
Donnellan and William Strauss, VP in the same office, represented the seller and were sole brokers in the transaction. "Just about any retail in Boca trades above $400 per sf," Donnellan tells GlobeSt.com, "but this is brand new; it opened 100% leased to a roster of national and regional creditworthy tenants, and it's in an underserved part of Boca Raton. These factors make it an outstanding long-term hold for the buyer."
Among the inline tenants are Starbuck's, Einstein's Bagels, Cingular Wireless and Jamba Juice. In addition, two outparcels are ground leased to McDonald's and Washington Mutual.
Donnellan declined to disclose rent rates. On condition of anonymity, a broker familiar with the center and the market tells GlobeSt.com that rent rates "range between $33 per sf and $35 per sf net."
Coconut Creek-based Butters Construction & Development Co. developed the center. A partnership among Malcolm Butters, Ned L. Siegel of Siegel Butters Realty Ventures, and Atlanta-based VEF Advisors is the seller.
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