TMT Properties buys Boca Raton shopping center for $18.5M

Shoppes of Loggers Run sold at a 17% discount off 2007 sale price

TRD MIAMI /
Mar.March 21, 2018 01:30 PM

Shoppes of Loggers Run and TMT’s Paul Burrell and Joseph Maas (Credit: TMT Properties)

Coral Springs-based TMT Properties just bought a shopping center in Boca Raton for $18.5 million – a 17 percent discount off its last sale price more than a decade ago.

The Shoppes of Loggers Run, a 112,300-square-foot shopping center at 11379 and 1443 West Palmetto Park Road, traded for about $165 per square foot. Records show the seller, GPH Holdings LC, paid $22.4 million for the property in 2007.

The deal was brokered by Douglas Mandel and Elon Gerberg of Marcus & Milichap. Mandel said the property hit the market unpriced in November. Occupancy is currently at 82 percent.

Tenants at the Shoppes of Loggers Run include Goodwill, the United States Postal Service and Sherwin-Williams. LalaLand Indoor Playground recently inked a 14,000-square-foot lease at the shopping center, Joseph Maas, a principal at TMT said.

Records show TMT financed the deal with a $13.9 million loan from Ocean Bank. Maas said TMT plans to renovate the exterior of the retail center and fill occupancy. The company invests in commercial properties throughout South Florida, most recently in Fort Lauderdale and Cypress Creek.

Real estate brokers and developers in Boca Raton say there’s a new focus on creating more residential and commercial development opportunities citywide. Boca’s city commission has made it easier by rezoning business park properties in the northwest sector to allow for residential, retail and hotel uses.

Last month, an apartment community west of Boca Raton traded for $64 million. The Related Group is also trying to strike a deal with the city to build a mixed-use project on a 3.6-acre site in Mizner Park.


Related Articles

arrow_forward_ios
Prentis Wilson and 1880 Sabal Palm Circle (Realtor)

Proceed to checkout: Former Amazon exec pays $5M for Boca Raton mansion

Proceed to checkout: Former Amazon exec pays $5M for Boca Raton mansion
310 East Alexander Palm Road (Realtor.com)

Cumberland Farms scion buys waterfront Boca Raton home

Cumberland Farms scion buys waterfront Boca Raton home
Stephen Siegel of Fairstead, 21000 Ruth and Baron Coleman Boulevard in Boca Raton (Credit: Google Maps)

Jewish Federation sells Boca Raton senior living facility for $34M

Jewish Federation sells Boca Raton senior living facility for $34M
5001 Egret Point Circle, Jeff Levitetz (Credit: Google Maps)

That’s a lot of lettuce: Grocery distributor lists Boca Raton mansion for $23M

That’s a lot of lettuce: Grocery distributor lists Boca Raton mansion for $23M
Carmen N. D'Angelo, Jr., Kevin Kreutzfeld and 4111-4121 Ibis Point Circle

Wife of rock salt magnate buys waterfront Boca Raton lots for $7M

Wife of rock salt magnate buys waterfront Boca Raton lots for $7M
Michael Dell and Boca Raton Resort & Club

Michael Dell’s MSD Partners plans major changes to Boca Raton Resort & Club

Michael Dell’s MSD Partners plans major changes to Boca Raton Resort & Club
311 East Key Palm Road, Mark S. Cosby (Credit: Google Maps)

Former CEO of Michaels sells Boca Raton mansion for $10M

Former CEO of Michaels sells Boca Raton mansion for $10M
John Pulichino and Joy Tong, 3621 Princeton Place (Credit: Google Maps)

Luggage designer sells waterfront Boca Raton mansion for $6M

Luggage designer sells waterfront Boca Raton mansion for $6M
arrow_forward_ios

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

Loading...