Investor Takes Class A Arvida Park Property for $26M

The building was privately offered, Evan Nadler of the local office of Codina Realty Services, who represented the buyer, tells GlobeSt.com. "A big part of what our team is doing here now," he says, "is finding opportunities that have not come to market. There's not much available land and few sale opportunities available."

According to Nadler, the Codina team, which also includes Keith O'Donnell, director of the office, and Jay Whelchel, another associate, has marketed 160 acres of land for a total of about $65 million and office properties aggregating $83 million in sales in Boca Raton alone over the past 12 months. "Almost all come from referrals and word of mouth interest," he says.

The Arvida Park encompasses 850 acres and contains more than 50 office, research and industrial properties under various ownership. The 791 Park of Commerce building is currently 100% leased, and GE Interlogics, a subsidiary of General Electric, occupies 88,729 sf, or about 65% of the building under a lease that calls for annual increases and has about 10 years remaining. "Although there will be some roll-over in a year, the GE lease provides the buyer with secure income," Nadler says.

He declined to disclose the current rental rate. On condition of anonymity, a broker familiar with office properties in the park tells GlobeSt.com the asking rate is approximately $18 per sf.