Schmier Property Group pumped up its Boca Raton portfolio by acquiring a mixed-use complex for $32 million.
An affiliate of Boca Raton-based Schmier, led by principals Brian and Robert Schmier, acquired Boca Financial Plaza at 5530 and 5550 West Glades Road, records and real estate database Vizzda show. Seacoast National Bank provided the buyer with an $18 million mortgage.
Josh Wade with Flagship Partners represented the seller and the buyer, Vizzda states.
The seller, an entity managed by West Palm Beach investor Herbert Kahlert, paid $13.1 million for the 6.6-acre property in 2001, records show. Boca Financial Plaza includes a six-story office building anchored by a Flagstar Bank, and a one-story restaurant leased to Cheesecake Factory. The buildings were completed in 1980.
Boca Financial Plaza’s office building also features two floors of co-working executive suites with conference rooms, an online listing states.
Schmier Property Group is active in its home city. In 2020, the firm and its partners, Giles Capital Group and Rosemurgy Properties, completed Uptown Boca, a mixed-use project on the southeast corner of U.S. 441 and Glades Road. The development entails a 456-unit apartment complex and 195,000 square feet of retail and restaurants sitting on 40 acres that the partnership bought for $38 million in 2018.
In 2021, the joint venture sold Uptown Boca’s apartment complex for $230 million to Atlanta-based Cortland. Last year, Whole Foods signed a lease to anchor Uptown Boca’s retail component. The store recently opened, published reports state.
Schmier Property Group and its partner, Independencia Asset Management, also own a shopping center in Doral anchored by a Ross Dress for Less store. The joint venture paid $37.9 million for the retail site in 2017.
Last year the shopping center lost its other anchor tenant, Bed, Bath & Beyond, when the retailer closed several stores as part of a bankruptcy reorganization.