Boca office building sells to Boston developer for $11.5M

Miami /
Feb.February 29, 2016 03:45 PM

A company tied to Boston developer Triad Group has picked up a Boca Raton office building for $11.5 million. 

KAS Grove LLC, a Coral Gables firm tied to SF Partners and managed by Daniel Stuzin, sold the Class B building at 21301 Powerline Road.

TJAC Boca Grove, which is managed by Triad founder and principal Zvi Schwarzman, bought the Boca Grove Centre.

The three-story, 51,808-square-foot building was constructed in 1983 and sits on a 3.45-acre lot. Palm Beach County records show it last sold for $6.9 million in 2013, which means the seller made about $4.6 million in three years.

This most recent sale breaks down to about $222 per square foot for the building. The Triad affiliate financed the sale with an $8.6 million mortgage from SunTrust Bank. Cushman & Wakefield’s Scott O’Donnell, Dominic Montazemi, Miguel Alcivar, Greg Miller and Jason Hochman represented the seller. The buyer was represented by Ayal Frist of Stateland Brown.

Triad Group is a leasing, construction, acquisition and management company. With acquisitions, Triad targets regional shopping centers, mixed-use properties, redevelopment sites, and distressed, vacant or bankruptcy opportunities, according to its website. It also focuses on student housing and corporate apartments through its affiliate TJAC Development.

Stuzin is a founder and managing principal of SF Partners, a real estate investment firm based in Coral Gables.


Related Articles

arrow_forward_ios
Waterfront Boca Raton property (NE 32nd Street LLC, Getty)
Developer asks $43M for waterfront Boca home sites
Developer asks $43M for waterfront Boca home sites
From left: Vladislav “Bobby” Yampolsky and Robert P. Kelly along with an aerial view of 419 East Coconut Palm Road (Getty Images, Google Maps)
Luxury retailer buys waterfront Boca Raton home for $9M
Luxury retailer buys waterfront Boca Raton home for $9M
From left: Belong co-founders Tyler Infelise, Ale Resnik, and Owen Savir (Belong, Getty Images, Google Maps)
Lease roundup: Rentals manager Belong moves HQ to Brickell
Lease roundup: Rentals manager Belong moves HQ to Brickell
Manor Broken Sound at 5400 Broken Sound Boulevard in Boca Raton, with Rockpoint’s Bill Walton, Related Group's Jon Paul Pérez and Jorge Pérez and Lincoln Property Company CEO Tim Byrne (Cushman & Wakefield, Rockpoint, Related Group, Wikipedia, Lincoln Property Group)
Lincoln Property pays $194M for newly built Boca apartments
Lincoln Property pays $194M for newly built Boca apartments
El-Ad National Properties Noam Ziv with Alina condominium
El-Ad nabs $100M construction loan for Alina condos in Boca
El-Ad nabs $100M construction loan for Alina condos in Boca
Tricera Capita's Ben Mandell with rendering of The Press project (Tricera Capital)
Lease roundup: Tricera scores tenants in West Palm, Boca
Lease roundup: Tricera scores tenants in West Palm, Boca
From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Candice and Steven Stark with 1371 Royal Palm Way (Getty, Royal Palm Realty)
Luxury carpet mogul drops $17M for house on Royal Palm golf course in Boca Raton
Luxury carpet mogul drops $17M for house on Royal Palm golf course in Boca Raton
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...