X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOCA RATON, FL-Granite Meridian LLC has acquired the two-building, 131,680-sf Meridian Commercial office buildings for $27.2 million. The properties, located in the Arvida Park of Commerce, were sold by Meridian Commercial Properties.

The buildings are 100% leased on a long-term basis to LexisNexis and Cross Country Health Care. Granite Meridian is an institutional investment fund managed by New York City-based BlackRock, Inc.

West Palm Beach-based RJS Realty Group president Bob Sullivan and managing director Steve Miskew represented Meridian in the transaction and were the sole brokers involved in the deal. “This was an exceptional opportunity to acquire two quality office buildings leased on a long-term basis to two excellent tenants and situated in an acclaimed corporate park,” Sullivan says, in a prepared statement.

According to a CB Richard Ellis Q3 office market report for Palm Beach County, the vacancy rate in Boca Raton is 11.6% with 187,335 sf of negative absorption year-to-date and 420,000 sf of space under construction. Average asking rental rates are $19.38 per sf.

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?

Dig Deeper

GlobeSt

Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.