Singapore-Based PRIME US REIT Acquires One Town Center Office In Boca Raton For $99.5 Million
The Singapore-based Prime US REIT has acquired the One Town Center office building in Boca Raton for $99.5 million. The sale price equates to $520 PSF and a 5.8% CAP rate. The seller was a joint venture between the buildings developer, the Boca Raton-based CP Group, and New York City-based Siguler Guff & Co.
The Singapore-based Prime US REIT has acquired the One Town Center office building in Boca Raton for $99.5 million. The sale price equates to $520 PSF and a 5.8% CAP rate. The seller was a joint venture between the buildings developer, the Boca Raton-based CP Group, who is the property manager and developed the building under their former name Crocker Partners, and New York City-based Siguler Guff & Co. CP Group was represented in the transaction by CBRE Vice Chairman Chris Lee, EVP José Lobón, VP Amy Julian, financial analyst Andrew Chilgren, and associate Royce Rose. The California-based KBS assisted the buyer in procuring the deal.
CP Group will continue to manage the property which was over 95% leased at the time of sale. Prime US REIT plans to renovate the common areas, lobby and restrooms.
One Town Center is a 191,294 SF office building developed in 1991 by Thomas Crocker. and located at 5355 Town Center Road. It last traded in 2014 for $81 million but was only 34% occupied at the time of sale. One Town Center rises 10-stories and features 709-parking spaces along with tenant amenities which include a café, restaurant, full security system, balcony access and a fitness center.
Image via CP Group
MG3 Developer Acquires Doral Concourse From DRA Advisors For $96 Million
The Aventura-based MG3 Developer has acquired Doral Concourse from DRA Advisors for $96 million. The price equates to roughly $399 PSF and the asset was 95% leased at the time of sale. Tenants include General Mills, Greenberg Traurig, Starboard Cruise Services and Onboard Media.
The Aventura-based MG3 Developer has acquired Doral Concourse from DRA Advisors for $96 million. The price equates to roughly $399 PSF and the asset was 95% leased at the time of sale. Tenants include General Mills, Greenberg Traurig, Starboard Cruise Services and Onboard Media. DRA Advisors was represented by Christian Lee, José Lobón, Amy Julian, Andrew Chilgren and Gordon Messinger of CBRE in the transaction.
The 245,803 SF office property was developed in 2001 and sits on 5.2 acres located at 8400 NW 36th St. DRA Advisors acquired the six-story property in 2014 for $54,186,668 as part of a six-property portfolio they acquired for $131.7 million.
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