MIAMI—Adler Kawa Real Estate Advisors, or AKREA, just re-entered the South Florida commercial real estate market. The real estate investment firm snapped up Yamato Office Center in Boca Raton, FL. The sale price: $32.5 million.
The deal marks AKREA's second acquisition in Fund III, which launched earlier this year and has raised $53 million in new capital. The purchase follows Fund III's first acquisition of a three building light industrial portfolio, South Point Business Park in Charlotte.
"South Florida has always been a targeted market due to its dynamic growth story and we are thrilled to purchase a property in Boca Raton that perfectly meets our cash flow strategy," says Matthew Adler, president and CEO of AKREA. A diverse tenant mix including Promise Healthcare, MoreDirect, and Homes Media E-Neighborhoods make up the roster.
Yamato Office Center includes two office buildings totaling 170,930 square feet. Built in 1986 and 2000, Yamato Office Center is located less than one mile west of the Interstate 95/Yamato Road interchange, and less than 30 miles from both Fort Lauderdale and Palm Beach International Airports.
The buildings are located near the entrance to the Park at Broken Sound, formerly known as Arvida Park of Commerce. The park is currently undergoing a renaissance through the development of 1,372 multifamily units and over 554,000 square feet of retail, including Boca Raton's newest Fresh Market.
Christian Lee, vice chairman of CBRE Miami represented the seller in the Yamato transaction. CBRE vice chairman Charles J. Foschini and first vice president Christopher A. Apone, first vice president secured the financing.
"Institutional investors have been displaying the strongest interest in luxury multifamily rental complexes while private investors have focused on value-add suburban office buildings and redevelopment opportunities in retail," Keith O'Donnell, a principal at Avison Young, tells GlobeSt.com. "North County and West Palm Beach also experiencing robust activity and significant upside."
Want more insight into what's going on in Palm Beach County. Check out my recent article: What's Driving 15% Growth in Six Months?
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