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Boca Raton office buildings sell in separate trades for $49M
Tricera acquired Milan at Town Center, and Brookwood bought Sabre Center I
In separate deals totaling $49.1 million, Tricera Capital and Brookwood Financial Partners picked up two Class A office buildings in Boca Raton.
The transactions are the latest big ticket deals in the red hot office market in Palm Beach County.
A team led by Douglas Mandel with Marcus & Millichap brokered both deals. Jonathan More, also with Marcus & Millichap, arranged $41.3 million in combined acquisition financing, according to a press release.
Sabre Centre I
Brookwood Financial, a Beverly, Massachusetts-based real estate investment firm, acquired the six-story office building known as Sabre Centre I for $29.1 million, the release states. An affiliate of Boca Raton-based commercial real estate firm Grover Corlew sold the property at 5901 Northwest Broken Sound Parkway within the Park of Broken Sound.
In 2006, Grover Corlew paid $21.5 million for the 6-acre site, according to records. The 103,022-square-foot building, completed in 1986, overlooks the Old Course at Broken Sound Club, a golf course that hosts the PGA Tour’s Charles Schwab Cup Championship, the release states. The building also serves at the headquarters for Gift of Life, a bone marrow and stem cell registry.
Milan at Town Center
Miami-based Tricera paid $20 million for Milan at Town Center at 1675 North Military Trail. The seller is a Verona, New Jersey-based entity managed by Alan Rosilli, Randall Rosilli, Robert Ferrara and Michael Buckworth.
The 66,206-square-foot building was completed in 2008 and is adjacent to the Town Center Mall and Boca Center. The seven-story building includes a four-story parking garage, the release states.
Comerica Bank occupies a full floor and has a branch on the first floor, with legal and professional tenants in the building, the release states.
In a statement, Ben Mandell, co-founder and managing principal of Tricera Co-founder, said the firm plans to add significant value and increase leasing velocity at Milan at Town Center with hands-on management and strategic property upgrades.
Tricera intends on renovating the building’s lobbies, common corridors, restrooms and building systems, Mandell said. The company also plans to create an entire floor of move-in ready spec space to accommodate tenants looking to move to the area quickly.
Over the summer, Tricera teamed up with New England Development, NDT Development and Rockpoint Group to buy the One Clearlake office building in downtown West Palm Beach for $61 million.
Other real estate investors wheeling and dealing for office properties include American Commercial Realty. The Palm Beach Gardens-based firm recently acquired a mixed-use project with a four-story office building for $36.1 million.
Last month, Jordan Capital AM acquired Palm Gate Plaza, an office and retail center in West Palm Beach, for $12.4 million. In another deal, Irvine, California-based IRA Capital paid $16 million for a Boca Raton outpatient center.