The Real Deal Miami

Crocker Partners buys Boca office towers for $81M

Real estate firm paid $44.7M for One Town Center and $36.3M for The Plaza
December 22, 2014 12:45PM

One Town Center, The Plaza office buildings

One Town Center and the Plaza office buildings in Boca Raton

Crocker Partners reacquired two Boca Raton office towers last week.

The real estate investment firm reportedly paid $44.7 million for One Town Center and $36.3 million for the Plaza, according to public records. MetLife Real Estate Investors of Atlanta sold the buildings. CBRE brokered the sale.

“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,” CBRE senior associate Jose Lobon said in a news release. “This will give tremendous leverage with rents.”

Crocker built the Plaza in 1986 and One Town Center in 1990, the Sun-Sentinel reported. One Town Center and The Plaza are 42 percent leased, and tenants include Kayne Anderson, Kaufman Rossin, Wells Fargo and Wells Fargo Advisors.

Back in August, a joint venture managed by Crocker Partners bought the nearly 277,390-square-foot One Boca Place for $76.4 million. Crocker also built Mizner Park and Boca Center, an office, retail and hotel project. [Sun Sentinel]Katherine Kallergis