The Real Deal Miami

Boca Raton medical office sells for $7M

The buyer was looking for upside in the 86-percent leased building
September 19, 2013 12:03PM

Scott O’Donnell

Grove Centre, a 52,253-square-foot medical office in Boca Raton, sold for $7.025 million, according to CBRE’s Private Capital Group, which represented both sides of the transaction.

The three-story building at 21301 Powerline Road was 86 percent leased at the time of the sale, CBRE said in a release. The buyer, Kas Grove LLC, which is registered to Daniel Stuzin, bested competing bids from Argentina and Canada, according to CBRE senior vice president Scott O’Donnell.

“This continues the trend we are seeing of domestic and international investors seeking well-located office assets with some vacancy to provide upside through lease up,” O’Donnell said in the release.

The office sits on approximately 3.5 acres and is adjacent to the affluent residential neighborhood of Boca Grove. — Emily Schmall