Boca Raton office towers trade for nearly $24M, seller takes a loss

Property has two office buildings totaling 100,000sf

TRD MIAMI /
Apr.April 20, 2015 03:45 PM

A pair of office towers in Boca Raton recently sold for $23.75 million, almost $2 million below what their owner paid for them nine years ago.

The Glades Twin Plaza office complex, at 2300 Glades Road, has two 50,000-square-foot buildings that are surrounded by a parking lot.

The property was last purchased in 2006 for $25.6 million by a company titled Glades Twin Plaza Tower, which has ties to the BlackRock Granite Property fund, according to Palm Beach County property records.

In a deed filed Friday, ownership was transferred to a company named L&B CIP Glades Twin Plaza, which is affiliated with the Texas-based investment management firm L&B Realty Advisors.

The plaza was built in 1982 and has been traded five times since then, including the latest sale. The towers’ lowest sale price was for $5.9 million in 1993.

Another company tied to L&B purchased a neighboring office plaza for $75 million in 2012, the South Florida Business Journal reported.

The market for office properties in Palm Beach County has been hot recently, with buildings in Boca Raton, Delray Beach and Fort Lauderdale either trading or being re-financed. Real estate investors have cited a need for Class-A office space in Palm Beach County, particularly to attract high-net-worth companies and hedge funds.

 

Related Articles

arrow_forward_ios
Bob Sheetz and 133 West Coconut Palm Road

Ah Sheetz! Founder of popular convenience store sells Boca Raton estate

The Meridian at Boca Raton at 21865 Ponderosa Drive, and Kenneth Assiran

Meridian Senior Living buys community near Boca Raton for $61M

Michael and Michelle Hagerty, and their home in Royal Palm Yacht & Country Club (Credit: Keeping the Promise, Realtor)

Vodka heir pays $6M straight up for Boca Raton estate

James Batmasian and Trail Plaza in Deerfield Beach (Credit: Google Maps)

James Batmasian nabs retail center in Deerfield Beach for $17M

300 East Key Palm Road

Transportation execs pay $12M for waterfront Boca Raton estate

James Batmasian and 22973-23071 State Road 7

James Batmasian buys Publix-anchored Boca Raton shopping center

Daily Digest Miami

Stephen Ross steps down from NFL committee post-fundraiser backlash, drama at Regalia: Daily digest

Daily Digest Miami

Feds want to seize Miami real estate tied to $5M gambling scheme, Elliman’s Q2 revenue jumps: Daily digest

arrow_forward_ios