$38M Purchase Facilitates $200M Mixed-Use Boca Project
The joint venture reports it has acquired the approximately 38-acre development site in two separate transactions valued at a combined $37.97 million.
BOCA RATON, FL—A development team that includes Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital say they will break ground this month on Uptown Boca Raton, a $200-million mixed-use project at Glades Road and 95th Ave. South here.
The joint venture reports it has acquired the approximately 38-acre development site in two separate transactions valued at a combined $37.97 million. Dixie J. Houston and Daniel F. Johns, both acting as trustees, sold the larger parcel to the joint venture for $27.98 million. Glades W95 LLC, managed by Houston and Johns, sold 10 acres to the developers for $9.99 million.
The project calls for 456 luxury apartments and 150,591 square feet of upscale retail, anchored by Lucky’s Market and Silverspot Cinema. Other retailers signed on at the property include Chick-fil-A and BankUnited. Retail tenants are projected to open in the summer of 2019 and the multi-family component is scheduled to open in early 2020.
“We are pleased to close on the property and to have the opportunity to deliver to West Boca Raton a lifestyle and entertainment project that will serve as a much-needed destination for the local community,” says Brian Schmier, CEO, Schmier Property Group. “The sentimental nature of this transaction has been quite apparent for Dan and Dixie Johns and their family, having owned this parcel since the early 1900s. It has been a pleasure to work with them and for all of us to develop such a unique project on property that has a special family history.”
“Uptown Boca represents many of the key features we look for in a joint venture opportunity—high quality partners, a unique product offering and a desirable location. We are excited to see the project come to fruition,” says Jeffrey Laliberte, managing director and head of acquisitions for Wheelock Street Capital.
Giles Capital Group, Rosemurgy Properties and Schmier Property Group are all based in the Boca Raton area, while Wheelock Street Capital has offices in Greenwich, CT and Boston.
In 2013 Giles Capital Group teamed up with Rosemurgy Properties to form a joint venture, Park Partners Residential, for the purpose of acquiring, developing, and managing multifamily assets.
Earlier this month Rosemurgy Properties reported the acquisition of two new retail assets—CVS Pharmacy, located at 4191 West Indiantown Road, in Jupiter, FL, and Starbucks Coffee, at 2209 SW Gatlin Blvd. in Port St. Lucie, FL. The 2,150-square-foot Starbucks location opened in February 2018. Patrick Nutt of Calkain Companies provided brokerage services on both locations. No financial terms of the two transactions were released.