The Real Deal Miami

Rockwood Capital buys investment firm’s stake in One Boca Place

New ownership closed on a $68.5M floating rate loan
By Katherine Kallergis | April 16, 2018 04:30PM

One Boca Place and Rockwood’s Dwight Arnesen, senior managing director

UPDATED, 5 p.m., April 24: Rockwood Capital purchased Wheelock Street Capital’s stake in a Boca Raton office complex, according to data from Real Capital Analytics.

A joint venture between Crocker Partners and Wheelock paid about $76 million for One Boca Place, a 277,000-square-foot office building at 2255 West Glades Road in 2014. Rockwood acquired Wheelock’s interest in the property, according to Cushman & Wakefield, which declined to disclose a price.

The four-story building, built in 1986 on a 7.7-acre site, is about 89 percent occupied. Tenants include PNC Bank, CBIZ, Proskauer Rose, Regus and Raymond James. It was renovated in 2016, according to RCA.

Cushman’s Mike Davis, Dominic Montazemi, Scott O’Donnell, Rick Brugge, Michael Lerner and Greg Miller negotiated the recapitalization. Jason Hochman, Michael Ryan and Brian Linnihan, also of Cushman, helped arrange a $68.5 million floating rate loan for the new partnership, according to property records.

Rockwood, with offices in New York, California and South Korea, owns a handful of properties in South Florida, including Modera Douglas Station, an apartment complex it developed and owns with Mill Creek Residential. Rockwood recently sold the Hall South Beach hotel to Spanish conglomerate Grup Peralada for $58.2 million.

Crocker Partners could not immediately be reached for comment.