California firm buys office complex in Boca Raton’s Park at Broken Sound

Complex spans nearly 52k sf

October 12, 2017 01:00 PM

The Meridian Center (Credit: Avison Young)

MTI Properties LLC, the real estate arm of Michael Toshio Inc., just purchased a two-building office complex in Boca Raton for $8.45 million, according to the firm that brokered the deal.

Burlingame, California-based MTI Properties, led by Michael Toshio Nakamura, paid $163 per square foot for the office complex at 6501 and 6531 Park of Commerce Boulevard. The complex spans nearly 52,000 square feet.

Avison Young’s Mark Rubin and Keith O’Donnell represented the sellers, Frank Capital LLC, Meridian Venture LLC, and RLT Capital LLC, according to a release. The partners bought the property in 2005 for $7.7 million, records show.

CBRE’s Jeffrey Kelly and Marshall Hydorn represented the buyer.

The Meridian Center complex is located in the Park at Broken Sound, a 700-acre commercial park in northwest Boca Raton that was formerly known as the Arvida Park of Commerce. Retail stores and 1,050 units in three multifamily buildings are planned.

Avison Young’s Daryl Perkowski increased Meridian Center’s occupancy to 91 percent from 20 percent, along with the firm’s project management group led by Chip Faulkenberry, according to the release.

Over the past few years, Boca Raton has seen growth in development. Last week Penn-Florida Companies closed on nearly $400 million in financing for Via Mizner, a mixed-use project in downtown Boca Raton that will span 2 million square feet.

Nearby proposed projects include Related Group’s planned mixed-use community in Mizner Park, where it wants to deliver 300 to 400 condos or rental apartments, plus restaurants and a parking garage on the 3.6-acre site. – Amanda Rabines

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