Two lab processing facilities in Boca Raton just traded for $20 million to ADMA Biologics, a New Jersey-based publicly traded biopharmaceutical company.
The two two-story buildings at 5800 and 5900 Park of Commerce span 126,433 square feet and sold for $158 per square foot. Records show the seller Biotest Pharmaceuticals Corporation, an affiliate of Germany-based Biotest, bought the facilities for $30.2 million in 2007.
In total, ADMA Biologics paid $27.5 million for the acquisition, which also includes Food and Drug Administration-approved equipment licenses, according to a released statement.
The 80,173-square-foot office building at 5800 Park of Commerce and the other 46,260-square-foot building at 5900 Park of Commerce were built in 1985.
Douglas K. Mandel with Institutional Property Advisors, a division of Marcus & Millichap, said in a press release that office rents in Boca Raton are expected to increase 15 percent over the next five years.
Mandel also listed the 301 Yamato building in Boca Raton, which is 92 percent occupied, last month. He added rents for buildings comparable to 301 Yamato are “rapidly moving into the $30s per square foot on a triple-net basis.”