Glendale, California-based American Realty Advisors has sold a Boca Raton office center for $32.25 million.
Matthew Adler, CEO of AKREA
Adler Kawa Real Estate Advisors bought the two office buildings at 1001 West Yamato Road, the real estate firm announced on Tuesday. The sale marks Adler’s re-entry into the South Florida market since it launched funds in 2010.
Yamato Office Center totals 170,930 square feet of office space. The 10-acre complex was built in 1986 and 2000, according to Palm Beach County property records. An Adler fund that launched earlier this year made the purchase. It has raised $53 million this year and is focused on acquiring multi-tenant office and industrial properties, according to a press release.
Tenants include Promise Healthcare, MoreDirect and Homes Media E-Neighborhoods.
CBRE’s Christian Lee represented the seller, American Realty. The investment manager focuses on commercial real estate portfolios. It paid nearly $13 million for the site in 1990, according to property records.
Charles J. Foschini and Christopher A. Apone, also of CBRE, secured $21.55 million in financing for the buyer. PNC Bank is the lender, records show.
The property is near the Park of Broken Sound, formerly known as Arvida Park of Commerce. Developers will add 1,372 residential units and more than 554,000 square feet of retail to the 700-acre commercial park.
It’s also near a Boca office portfolio that sold in mid-November for a combined $28.25 million. The properties, on Northwest Broken Sound Boulevard, sold to a joint-venture between Mainstreet Capital Partners and the Davis Companies. – Katherine Kallergis