The Real Deal Miami

LNR Partners flips office building taken through foreclosure in Boca Raton

NJ-based investor paid $8.95M for the property in a Ten-X auction
November 01, 2017 09:45AM

950 Peninsula Corporate Circle, Kevin McCarthy and Bastian Laggerbauer

New Jersey-based investor Brandon Rolnick just paid $8.95 million through an auction for a Boca Raton office building after it was taken back in foreclosure, according to the firm that brokered the deal.

LNR Partners sold the 45,803-square-foot office building at 950 Peninsula Corporate Circle for about $195 per square foot.

LNR took ownership of the site in May for $1.75 million after a commercial mortgage-backed securities trust managed by LNR Partners foreclosed on the $9.35 million mortgage of the previous owner, Peninsula Corporate Ltd., records show.

Peninsula Corporate Center is located just west of Congress Avenue and I-95. The three-story office building was built in 2006 and sits on a 2.7-acre lot.

Kevin McCarthy and Bastian Laggerbauer of Colliers International South Florida represented LNR in the sale. The property headed for auction in August on Ten-X, formerly known as Auction.com.

In 2013, Starwood Property Trust, a primarily publicly traded financial company that invests in commercial mortgages, bought LNR. The trust looks to reposition properties, according to its website. Starwood has purchased rental communities in Boynton Beach and Lake Worth.

Earlier this month in Boca Raton, the real estate arm of Michael Toshio Inc. purchased a two-building office complex for $8.45 million.

Developments underway in the area include Penn-Florida Companies’ Via Mizner, a mixed-use project in downtown Boca Raton that will span 2 million square feet. – Amanda Rabines