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Bark Management expands Boca Raton commercial portfolio with $16M purchase
Boutique real estate development and investment firm acquired a two-building office campus
Boca Raton-based Bark Management expanded its commercial portfolio in its home city after acquiring an office campus for $15.7 million.
An affiliate of Bark acquired The Greenhouse, a pair of office buildings spanning 93,000 square feet at 5255 and 5301 North Federal Highway, a press release states.
Douglas Mandel and Zach Levine with Marcus & Millichap represented the seller, an affiliate of Wigder Investment Group, which is also based in Boca Raton. The company is led by real estate investor Marc Widger, who is also a Boca Raton councilmember.
In 2012, Widger paid $6.3 million for the office building at 5300 North Federal Highway, records show. Eight years later, Widger acquired the office building at 5255 North Federal Highway for $5.1 million. The buildings were completed in 1983 and 1986, records show.
Widger rebranded the buildings as The Greenhouse, with office spaces ranging from150 square feet for small executive suites to 5,000 square feet for corporate tenants, according to the 5-acre campus’ website.
The Greenhouse is currently 96 percent leased, the release states. Tenants include Rosenberg Injury Law, Expedited Passports & Visas, Wealthcare Financial and Becker & Associates P.A.
Bark, led by principal Jeff Levitetz, is a boutique real estate and investment firm that also owns two office complexes spanning 160,000 square feet at Park at Broken Sound in Boca Raton, the firm’s website states. In addition, Bark’s portfolio includes six development sites in Boynton Beach and Delray Beach.
In another recent commercial deal in Boca Raton, Ares Management paid $139.7 million for Ceru, an eight-story multifamily building with 284 apartments. Los Angeles-based Ares’ purchase last month is the biggest multifamily deal in South Florida so far this year.
In January, Meyers Accesso acquired The Atrium at Broken Sound, a three-story office building in Boca Raton, for $25 million. The buyer also assumed a $15.9 million mortgage debt from the seller, New York-based Alchemy-ABR Investment Partners.
Meyers Accesso is a joint venture between Aventura-based Meyers Group and Hallandale Beach-based Accesso Partners.