Boca Center’s offices, retail, restaurants trade for $261.5M

Marriott hotel on site not included in deal

(L-R) Vanderbilt Office Properties CEO Casey Wold, Site Centers President and CEO David Lukes, and Macquarie Group Managing Director and CEO Shemara Wikramanayake with 1800 North Military Trail and 5050 Town Center Circle in Boca Raton (Google Maps, Site Centers, Vanderbilt OP, Macquarie Group)
(L-R) Vanderbilt Office Properties CEO Casey Wold, Site Centers President and CEO David Lukes, and Macquarie Group Managing Director and CEO Shemara Wikramanayake with 1800 North Military Trail and 5050 Town Center Circle in Boca Raton (Google Maps, Site Centers, Vanderbilt OP, Macquarie Group)

Boca Center properties traded for $261.5 million, marking one of the biggest deals this year of a South Florida mixed-use complex.

Barings sold the majority of the center, including the office and retail and restaurant portions, as well as the parking lots and an outparcel, in four deals, records show.

A joint venture between Macquarie Capital | Principal Finance and Vanderbilt Office Properties bought the two six-story office buildings at 5100 and 5200 Town Center Circle in Boca Raton, each with a next-door garage, for $95.4 million, according to a deed.

The 5100 Town Center Circle building was constructed in 1988 and 5200 Town Center Drive was built in 1986. They sit on 5 acres, combined, property records show. The deal includes adjacent parking lots.

Macquarie Capital and Vanderbilt Office also bought the four-story office building and garage at 1800 North Military Trail for $76.1 million. The property was constructed in 2008 on 11.8 acres, property records show.

At the same time, Site Centers bought the 117,106-square-foot Shops at Boca Center at 5050 Town Center Circle and a McDonald’s at 1776 North Military Trail for $85.8 million, as well as a 1.8-acre vacant lot at 1900 North Military Trail.

Overall, the real estate last traded for $193.8 million in 2014, records show.

The Shops at Boca Center’s tenants include Agalia Fine Jewelers, Boutique A La Mode, Chico’s, Morton’s The Steakhouse and Tap42.

Office tenants at the property include Matza & Co Orthodontics, Berkowitz Pollack Brant Advisors + CPAs and Windstream Communications.

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Boca Center includes a 256-key Marriott-branded hotel at 5150 Town Center Circle, which was not included in the deal. It is owned by Yonkers-New York-based AVR Realty, which bought the hotel for $69.3 million in 2018.

Charlotte-based Barings is a global investment manager with more than $391 billion of assets under management as of December, according to its website.

In late 2021, Barings, along with Cypress Equities, sold the roughly 1.2 million-square-foot Burbank Town Center at 201 East Magnolia Boulevard in Burbank, California to Onni Group for $136 million. 

Macquarie Capital is the financing and investment division of Sydney, Australia-based Macquarie Group with $737 billion Australian dollars of assets under management, according to its website. Shemara Wikramanayake is the CEO of Macquarie Group.

Macquarie has other South Florida investments, through its Macquarie Infrastructure and Real Assets. In 2018, GLL Real Estate Partners, the real estate equity investment arm for Macquarie Infrastructure, paid $30.4 million for the industrial facility at 1600 Northpark Drive in Weston. Records show GLL still owns the building.

Chicago-based Vanderbilt Office is an office real estate investor and operator that has invested $4.7 billion and purchased or developed more than 100 buildings since it was founded in 2014, according to its website. Casey Wold is CEO and managing partner.

Beachwood, Ohio-based Site Centers invests in open-air shopping plazas, according to its website. David Lukes is president and CEO.

In May 2021, Site Centers bought the Shoppes at Addison Place at 16800, 16850 and 16950 South Jog Road west of Delray Beach for $40 million.

In another big Boca Raton deal, New York-based DRA Advisors bought an ownership interest in the 1.7 million-square-foot Boca Raton Innovation Campus for $320.2 million in December. CP Group and Rialto Capital Management, which have co-owned the complex, kept an ownership stake as well along with DRA.