Ivy Realty buys fully leased Boca offices for nearly $27M
Ivy Realty, an investment company based in Connecticut, recently acquired a pair of fully leased Boca Raton office buildings for $26.985 million.
The two low-rise buildings are called the Meridian Office Center, located at 6551-6601 Park of Commerce Boulevard inside the recently renamed Park at Broken Sound commercial development.
They were sold by Meridian Granite, a company affiliated with the Blackrock Granite Property Fund based in New York.
The fund, which invests in real estate throughout the U.S., paid $27.2 million for the offices in 2007, according to Palm Beach County property records.
Together, the buildings have 131,680 square feet of leasable space. Both are occupied by single tenants, according to a news release about the sale.
Meridian is the longtime headquarters of Cross Country Healthcare, which holds a 70,406-square-foot lease for one of the buildings. The company provides nurse and physician staffing for places like hospitals and schools.
The other building is occupied by Lexis Nexis, a digital firm that provides information on everything from legal documents to business research. The company recently finished a $4.5 million renovation of its 61,274 square feet of space, including the construction of a large data center.
Christian R. Lee, José Antonio Lobón and Marcos Minaya of CBRE brokered the sale on behalf of Blackrock.
Ivy financed the deal with a $17.55 million loan from TD Bank. The financing was arranged by Michael Erickson, Charles Foschini, Christopher Apone, and Amy Julian of CBRE. — Sean Stewart-Muniz