BOCA RATON, FL-A joint venture between Fort Lauderdale-based Cypress Creek Capital Inc. and Penn-Florida Cos., which is based here, has acquired Boca 1515 for $26.5 million, or nearly $151 per sf. Washington, DC-based Multi-Employer Property Trust sold the 176,000-sf office building at 1515 S. Federal Highway.

The asset was built in 1986 and is 55% leased. The new owner plans to invest $2 million in renovations, Seth Werner, chairman and CEO of Cypress Creek, tells “We’ll renovate the second-generation space that is currently vacant and the exterior, which is now somewhat uninviting,” he says. The lobby was recently renovated.

Werner says the rental rates will range between $25 per sf and $28 per sf, “depending on location within the building, creditworthiness of the tenant and terms and size of a lease.” This is Cypress Creek’s first joint venture with Penn-Florida, which will handle property management and leasing. Werner says, “I’m hopeful this will be the JV’s first of many acquisitions.”

Penn-Florida’s primary specialty is office buildings, while Cypress Creek acquires shopping centers and industrial properties in addition to office assets. “We like to find a JV partner/operator in local areas in order to expand our business without expanding our infrastructure,” Werner says. Mark A. Gensheimer heads Penn-Florida as president.

Seattle-based Kennedy Associates Real Estate Counsel Inc. advised MEPT, and the Miami office of Holliday Fenoglio Fowler represented the seller in the transaction. Mitchell Kirschner of the locally based Hodgson Russ law firm advised the JV, which negotiated the transaction in house. Al Rex of the local office of Birmingham, AL-based Collateral Mortgage Capital arranged first-mortgage financing of an undisclosed amount from Principal Global Investors, which was represented by Mary Dubas.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.