New-to-Market Buyer Spends $60M on Cash-Producing Office Asset

MIAMI—Peninsula Executive Center, a 187,784-square-foot, class A office property in Boca Raton, FL, has traded hands. The sale price: $59.75 million.

HFF marketed the property on behalf of the seller and procured the buyer, C. Talanian Realty Co. HFF also worked on behalf of the new owner to secure the $33.5 million long-term, fixed-rate financing through Principal Real Estate Investors. The HFF team was led by senior managing directors Chris Drew and Hermen Rodriguez, director Ike Ojala, associate director Brian Gaswirth and associate Matthew McCormack.

“This sale is a great example of the continued demand that we are seeing from sophisticated buyers for high-quality, well located suburban office properties in South Florida,” Drew tells GlobeSt.com. “This acquisition marks the first major investment in South Florida by C. Talanian Realty Co.”

Peninsula Executive Center includes two four-story office buildings and a 742-space parking structure located at 2381 and 2385 Executive Center Drive in Boca Raton. This location is centrally located in the heart of Boca Raton's most coveted office submarkets next to the Midtown Boca district.

“The buyer was attracted this opportunity due to its main and main location within the heart of Boca and the durable long-term cash flow,” Drew says. “A number of balance sheet lenders aggressively pursued this opportunity. However, Principal was ultimately selected due to their deep knowledge of the Boca office market and their ability to structure a creative financing solution.”

The office property is surrounded by executive housing and amenities, including Town Center Mall and University Commons. The office asset is 97% leased and is anchored by Newell Brands.

MIAMI—Peninsula Executive Center, a 187,784-square-foot, class A office property in Boca Raton, FL, has traded hands. The sale price: $59.75 million.

HFF marketed the property on behalf of the seller and procured the buyer, C. Talanian Realty Co. HFF also worked on behalf of the new owner to secure the $33.5 million long-term, fixed-rate financing through Principal Real Estate Investors. The HFF team was led by senior managing directors Chris Drew and Hermen Rodriguez, director Ike Ojala, associate director Brian Gaswirth and associate Matthew McCormack.

“This sale is a great example of the continued demand that we are seeing from sophisticated buyers for high-quality, well located suburban office properties in South Florida,” Drew tells GlobeSt.com. “This acquisition marks the first major investment in South Florida by C. Talanian Realty Co.”

Peninsula Executive Center includes two four-story office buildings and a 742-space parking structure located at 2381 and 2385 Executive Center Drive in Boca Raton. This location is centrally located in the heart of Boca Raton's most coveted office submarkets next to the Midtown Boca district.

“The buyer was attracted this opportunity due to its main and main location within the heart of Boca and the durable long-term cash flow,” Drew says. “A number of balance sheet lenders aggressively pursued this opportunity. However, Principal was ultimately selected due to their deep knowledge of the Boca office market and their ability to structure a creative financing solution.”

The office property is surrounded by executive housing and amenities, including Town Center Mall and University Commons. The office asset is 97% leased and is anchored by Newell Brands.