Boston firm buys Boca office campus leased to Newell Brands for $60M

The 187,784-square-foot office complex sold for $318 psf

Jun.June 16, 2017 12:00 PM

Peninsula Executive Center (Inset: C. Talanian Realty president, Charles M. Talanian)

A Boca Raton investor just sold a two-building office complex in West Boca Raton to Boston-based C. Talanian Realty Co. for $59.7 million, according to a release from HFF.

Boca Raton-based CDR Glades LLC, led by Carl DeSantis, sold the Peninsula Executive Center, a 187,784-square-foot office complex at 2381-2385 Executive Center Drive, for about $318 per square foot.

Peninsula Executive Center is 97 percent leased, mostly to global consumer goods company Newell Brands, which owns Yankee Candle, Papermate, Elmer’s, Mr. Coffee and other brands.

The DeSantis-led entity bought the property in 2000 for $33.3 million, or $177 per square foot, property records show. It was built in 1998.

HFF’s Chris Drew, Hermen Rodriguez, Ike Ojala, Brian Gaswirth and Matthew McCormack brokered the sale. The agents also arranged for the buyers to receive a $33.5 million loan from Principal Real Estate Investors.

The Class A office buildings sit on 5.7-acres of land and are nearby Town Center Mall and University Commons.

About 2,000 square feet is still available asking about $28 per square foot, according to LoopNet.

The buyer is active in Florida and in Boston, where it manages one of the largest private portfolios of real estate in Boston’s Back Bay, according to Talanian’s website.

This is the second large sale in West Boca Raton this week. On Thursday, a 109,228-square-foot shopping center was sold for $33.2 million, or $300 per square foot, to an affiliate of Toronto-based Northbridge Investment Management. – Amanda Rabines

Related Articles

Malcolm Butters, 950 Peninsula Corporate Circle in Boca Raton

Butters buys Boca Raton office building

A rending of the the project

REI to open first South Florida store in Boca Raton

Royal Palm Residences and Ignacio Diaz

Group P6 launches sales of new luxury condo project in Boca Raton

University Park and Square Mile Capital CEO Craig Solomon (Credit: Zillow)

Boca Raton student housing scores $71M refi

Rooms to Go CEO Jeffrey Seaman and 9465 Glades Road (Credit: Google Maps)

Rooms To Go CEO bags furniture store in Boca Raton

484 South Maya Palm Drive (Credit: Royal Palm)

Transportation exec buys Boca home for $12M

Tom Gores of Platinum Equity and Naveen Shah of Blue Sky Hospitality with 661 Northwest 53rd Street

Embassy Suites in Boca sells for $30M

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M