PALM BEACH, FL—It’s a deal that demonstrates the value of strategically-located land in South Florida. A Boca Raton developer snapped up a lot complete with an office building with plans to raze the physical assets and redevelop the five-acre lot for retail purposes.
Liberty Property Limited Partnership sold a 49,000-square-foot office building at the corner of Military Trail and Clint Moore Road in Boca Raton to Win-Preferred LLC. The price: $4.2 million.
Andy Strasser, a broker at AGS Realty, was the only broker in the transaction. Strasser tells GlobeSt.com the buyer plans to build a Walgreens store and two major banks on the site, including a TD Bank branch.
“Walgreens has been across the street in the Polo Shops for 25 years,” Strasser says. “Walgreens is closing that store and moving to this location, which is across the street of a new CVS.”
The unusual deal also came with challenges. The developer had to win approval for a zoning change from a light industrial research park to general commercial, Strasser explains, as well as what he calls a "strong challenge" from attorneys retained by owners of the Polo Shops, Terra Nova and Blackrock.
Indeed, according to records from the Boca Raton City Council Chamber’s Planning and Zoning Board, Neill Schiller, an attorney at Becker & Poliakoff, representing owners of Polo Shops, Terra Nova Realty and Blackrock, gave a PowerPoint presentation and distributed copies of the presentation opposing the project before it was finally approved. Polo Shops, Terra Nova and Blackrock could not immediately be reached for comment.
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