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

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

Miami /
Jun.June 16, 2017 12:00 PM

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

arrow_forward_ios
Steven R. Dingle and the property he sold at 298 West Key Palm Road. (SRD Building Corp, Royal Palm)
Former Cantor Fitzgerald CEO sells Boca Raton mansion to homebuilder for $9M
Former Cantor Fitzgerald CEO sells Boca Raton mansion to homebuilder for $9M
Investcorp co- CEOs Hazem Ben-Gacem and Rishi Kapoor, Ventures CEO Tom Scott and 135 Northwest 20th Street in Boca Raton (Investcorp; Ventures; Google Maps)
CA Ventures buys Boca Raton apartment complex for $80M
CA Ventures buys Boca Raton apartment complex for $80M
Bill Pulte and 2020 Royal Palm Way, Boca Raton (Bill Pulte, Royal Palm)
Bill Pulte buys waterfront teardown in Boca Raton for $6M
Bill Pulte buys waterfront teardown in Boca Raton for $6M
North American Development Group CEO John Preston and the Via Mizner Golf & Country Club at 6200 Boca Del Mar Dr (NADG; Google Maps)
Multifamily developer buys former Boca Raton golf course
Multifamily developer buys former Boca Raton golf course
President Donald Trump and James Batmasian (Getty, White House)
Boca Raton real estate honcho James Batmasian gets presidential pardon
Boca Raton real estate honcho James Batmasian gets presidential pardon
Carl E. Klepper Jr and 1739 Royal Palm Way, Boca Raton (Royal Palm Properties)
Spec mansion in Boca Raton sells for $8M
Spec mansion in Boca Raton sells for $8M
2333 Acorn Palm Road (Royal Palm Properties)
Former Cantor Fitzgerald CEO buys Boca Raton home for $6M
Former Cantor Fitzgerald CEO buys Boca Raton home for $6M
Thomas Desernia, Jordana DePaula and 610 Phillips Drive, Boca Raton (Redfin, SAMA labs)
Reeling it in: Fishing apparel founder drops $5M on waterfront Boca Raton home
Reeling it in: Fishing apparel founder drops $5M on waterfront Boca Raton home
arrow_forward_ios

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

Loading...