MIAMI—Grove Centre, a 52,253-square-foot office building located at 21301 Powerline Road in Boca Raton, FL, has traded hands. TJAC Development acquired the asset for $11.5 million, which equates $220 per square foot.
Cushman & Wakefield capital markets team executive director Scott O'Donnell, senior director Dominic Montazemi, director Miguel Alcivar, senior associate Greg Miller, and senior director Jason Hochman represented the seller, SF Partners. Ayal Frist of Stateland Brown represented TJAC.
“SF Partners nearly doubled the price they paid in 2013 through a successful repositioning program,” O'Donnell tells GlobeSt.com. “This is a very unique asset whose value was also driven by the opportunity to develop retail on the site.”
Constructed in 1983, Grove Centre is a three-story building that sits on a 3.5-acre parcel. TJAC plans to build a retail strip center on that parcels south side, which is currently utilized for overflow parking. The building is 86.1%. C3TS/Stantec, Sequoia Insurance & Financial, Freedman & Spoont, and Weisberg & Associates.
O'Donnell and Montazemi's nine-member capital markets team is inking deals rapidly. In the past three months, it has closed more than 1 million square feet of office and land transactions in Broward, Miami-Dade and Palm Beach Counties valued in excess of $42 million. Montazemi tells GlobeSt.com, “We're seeing tremendous momentum in the South Florida market and investors are taking notice.”
According to CushWake research, the Palm Beach office market continues to exhibit positive fundamentals and remains a target for users and investors alike. “The Palm Beach County office market continued to gain velocity as leasing activity totaled 1.7 million square feet year-to-date, a 38.4% increase year-over-year,” wrote senior research analyst Valerie Tatum in the firm's quarter 2015 Palm Beach County Office MarketBeat report. “Much of the leasing activity is due to organic growth as companies work to 'right size' their teams after a period of downsizing. The move towards stabilization has allowed the market to absorb 419,888 square feet during in 2015, continuing a seven-year streak of positive annual absorption.”
Could Deerfield Beach be the next hot spot? Check out my recent column and sound off.
MIAMI—Grove Centre, a 52,253-square-foot office building located at 21301 Powerline Road in Boca Raton, FL, has traded hands. TJAC Development acquired the asset for $11.5 million, which equates $220 per square foot.
Cushman & Wakefield capital markets team executive director Scott O'Donnell, senior director Dominic Montazemi, director Miguel Alcivar, senior associate Greg Miller, and senior director Jason Hochman represented the seller, SF Partners. Ayal Frist of Stateland Brown represented TJAC.
“SF Partners nearly doubled the price they paid in 2013 through a successful repositioning program,” O'Donnell tells GlobeSt.com. “This is a very unique asset whose value was also driven by the opportunity to develop retail on the site.”
Constructed in 1983, Grove Centre is a three-story building that sits on a 3.5-acre parcel. TJAC plans to build a retail strip center on that parcels south side, which is currently utilized for overflow parking. The building is 86.1%. C3TS/Stantec, Sequoia Insurance & Financial, Freedman & Spoont, and Weisberg & Associates.
O'Donnell and Montazemi's nine-member capital markets team is inking deals rapidly. In the past three months, it has closed more than 1 million square feet of office and land transactions in Broward, Miami-Dade and Palm Beach Counties valued in excess of $42 million. Montazemi tells GlobeSt.com, “We're seeing tremendous momentum in the South Florida market and investors are taking notice.”
According to CushWake research, the Palm Beach office market continues to exhibit positive fundamentals and remains a target for users and investors alike. “The Palm Beach County office market continued to gain velocity as leasing activity totaled 1.7 million square feet year-to-date, a 38.4% increase year-over-year,” wrote senior research analyst Valerie Tatum in the firm's quarter 2015 Palm Beach County Office MarketBeat report. “Much of the leasing activity is due to organic growth as companies work to 'right size' their teams after a period of downsizing. The move towards stabilization has allowed the market to absorb 419,888 square feet during in 2015, continuing a seven-year streak of positive annual absorption.”
Could Deerfield Beach be the next hot spot? Check out my recent column and sound off.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.