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Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Seller increased occupancy to 95% from 30% in roughly 7 years
CP Group and its joint venture partner sold the One Town Center office building in Boca Raton for $99.5 million.
CP Group and Siguler Guff sold the property at 5355 Town Center Road to Prime US REIT, based in Singapore, according to a CP Group news release.
Christian Lee and José Lobón were part of the CBRE team that represented the sellers.
Publicly traded Prime US REIT, which was listed on the Main Board of the Singapore Exchange in 2019, is a real estate investment trust focused on income-producing office properties in prime U.S. areas, according to its website. Its portfolio had an occupancy of 92 percent as of March and a $1.4 billion carrying value, which is the valuations of investment properties as of December plus capital expenditure in this year’s first quarter.
Prime US REIT’s U.S.-based asset manager is KBS, which identified and sourced One Town Center on behalf of Prime US REIT, according to CBRE’s news release. Based in Newport Beach, California, KBS was founded in 1992 and is a buyer-operator of commercial real estate, according to its website.
KBS retained CP Group, formerly known as Crocker Partners, to manage the property.
Boca Raton-based CP Group, led by Managing Partner Angelo Bianco and Partner Chris Eachus, bought the 10-story One Town Center for $36.3 million in 2014, records show.
Since then, CP Group increased occupancy of the 191,294-square-foot building from 30 percent to 95 percent, according to the release. CP Group also brought on coffee and juice bar The Seed as the on-site cafe and is working with Boca Raton-based restaurateur Mitchell Robbins to open an Asian fusion restaurant.
CP Group also completed landscaping, road repavement, parking lot and sidewalk, and other improvements. The property includes an adjacent 435-space garage and 274 surface parking spaces, according to CBRE’s release.
CP Group, along with funds managed by Rialto Capital Management and Sabal Capital Partners, bought One Biscayne Tower office in downtown Miami for $225 million in June.
The One Town Center deal comes on the heels of Stephen Ross’ Related Companies’ hefty investment in offices in nearby West Palm Beach. Related bought CityPlace Tower for $175 million in May, and the two Phillips Point towers for $282 million in January.