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.
11 events, newest first. Filter the full ledger.
CP Group, The Georgetown Company and ACRE, with StepStone as investment partner, bought the 838,840 SF office, retail and 272-unit residential district; Blackstone provided financing. The price is not in the source opened. This follows the February CRA vote on the ground leases already on this ledger.
Mizner Park / downtown · Source: Connect CRE
The CP Group-led venture that took control of Mizner Park through ground leases secured $271.5 million from Blackstone Real Estate Debt Strategies for the acquisition and planned renovation, according to property records cited by the outlet. The same report puts the purchase price at $193 million, a figure that was undisclosed when the acquisition was first announced.
Mizner Park / downtown · Source: Commercial Observer
Macquarie Capital put the three-building Class A campus on the market with an expected deal size near $200M. This is a listing, not a sale.
Boca Center / Military Trail · Source: The Real Deal
CP Group and Harrison Street sold the 286,890 SF office complex at 2255 Glades Road to Golden East Investors, per property records cited in the roundup. It is described as CP Group's third recent Boca office sale.
Glades Rd / I-95 · Source: Hawkins Commercial Realty (roundup of press reports)
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