Related Ross’s BRiC purchase and office trades show institutional capital treating Boca as a headquarters market.
Corridors: BRiC, Town Center/Glades Road and downtown.
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Newmark arranged Ares financing for Related Ross's purchase of the 1.7M SF, 124-acre BRiC; the price is undisclosed. Floridian Development reports nearly $300M of financing and CP Group as seller.
BRiC / north Boca (former IBM campus) · Source: Newmark via PR Newswire
Thor Equities bought 5355 Town Center Road, 153,213 SF of office about 90% leased plus a garage, from CP Group. The Real Deal also reported the price as $63M.
Town Center / Glades Rd · Source: CRE-sources · Verified: Palm Beach County Property Appraiser · PCN 06424723400000010 · OR 36807/00670
Interface bought the seven-building, 189,542 SF Fountains Center at 7000-7700 W. Camino Real with a $31.75M City National Bank acquisition loan; the purchase price was not stated.
West Camino Real · Source: Florida YIMBY · Verified: Palm Beach County Property Appraiser · PCN 00424728030010070 · OR 36566/00837
The March 10 ballot measure to lease downtown city land failed, and the city says the project will not move forward as proposed. A secondary source reports 74.5% voted no.
Downtown / Government campus (near Brightline) · Source: City of Boca Raton
The Boca Raton CRA approved on Feb. 9 the assignment of the Mizner Park ground leases from Brookfield to CP Group-led entities. It is a leasehold transfer; no closing or price has been reported.
Mizner Park / downtown · Source: AOL (syndicated)
The council approved the downtown government-campus redevelopment agreement 4-1 in January. Voters rejected the project at the March 10 referendum, so it will not proceed as proposed.
Downtown / Government campus (near Brightline) · Source: The Coastal Star · Verified: City of Boca Raton (myboca.us)
CP Group, with DRA Advisors, reported new leases and renewals including Modernizing Medicine (127,821 SF renewal) and Allstar Recruiting (42,697 SF new).
BRiC / north Boca (former IBM campus) · Source: CP Group via Business Wire