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BOCA RATON, FL-For the second time in a little over a year, the 126,709-sf Crystal Corporate Center at 2500 N. Military Trail has sold. In the most recent transaction, Fort Lauderdale-based Cypress Creek Capital acquired the office building for $33.75 million from Fort Lauderdale-based Mainstreet Capital Partners.

Mainstreet acquired the property, built in 1986, in March 2006 for $24.4 million. The multi-tenanted property was 89% occupied at the time of the most recent sale. Mainstreet was represented by Cushman & Wakefield executive director Jay Caplin, executive vice president Mark Gilbert and executive director Adam Feinstein, of the firm’s capital markets group. The property was acquired within a 1031 exchange.

“Mainstreet bought the asset over a year ago and felt it was time to sell it and reap the profits,” Caplin tells GlobeSt.com. “The Boca market is very strong, there is very little construction.”

The sale reflects continued strength in the Boca Raton office market. At the end of the first quarter 2007, the market had a direct vacancy rate of 7.2%, which was the highest in the county. Leasing activity has continued to be strong this year, accounting for 44% of the total activity in Palm Beach County’s suburban submarkets, according to Cushman & Wakefield.

“Crystal Corporate Center’s jump in value over the past 12 months is reflective of the continued compression of cap rates we are seeing for high quality office product here in South Florida,” Gilbert says. “Pricing has continued to climb based on investor projections of rising rental rates fueled by a combination of limited construction, declining vacancy rates and a robust economy.”

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