Miami, FL – December 22, 2014 – (RealEstateRama) — CBRE arranged the sale of the Boca-Glades portfolio, a 330,438-square-foot opportunistic office portfolio comprising two Class A buildings and excess development potential, located in Palm Beach County’s prestigious Boca Raton submarket. The portfolio includes two of Boca Raton’s tallest, and most recognizable, office buildings: The Plaza, at 5455 Town Center Road, and One Town Center, at 1 Town Center Road. The portfolio was acquired, by Crocker Partners of Boca Raton, FL, from MetLife Real Estate Investors of Atlanta, GA.
“Crocker has renovation plans for both buildings, which is interesting, as One Town Center is already among the highest quality suburban office buildings in Palm Beach County. Their renovation plans are more extensive for The Plaza, with the objective to reposition it as the best small tenant building in the market,” explains Christian R. Lee, CBRE Vice Chairman. “The quality of the real estate, combined with the opportunity to add value through renovations and lease up made the marketing process intensely competitive. We were not surprised to see Crocker Partners win the deal. Tom Crocker was the original developer of both buildings and pursued the deal like it was his from before we even hit the market.”
The Plaza and One Town Center were built in 1986 and 1990, respectively, and at 11 and 10 stories, they soar over the competitive set affording excellent visibility and tremendous views over the submarket. The multitenant designed buildings feature an excellent physical plant, having been institutionally owned and maintained, with current ownership investing over $8 million in capital improvements in recent years.
“The buyer has taken a significant position in Boca Raton – together with this asset, Crocker owns, or will soon own nearly 1 million square feet of the best office properties in the submarket. This will give them tremendous leverage with rents,“ explains José Lobón, CBRE Senior Associate.
The CBRE team representing the seller included Christian Lee, Vice Chairman, José Lobón, Senior Associate, Michael Erickson, CBRE Senior Vice President, Charles Foschini, Vice Chairman and Chris Apone, First Vice President.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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