Larsen MacColl Partners bought the Boca Corporate Center for $20 million, marking continued appetite for South Florida suburban office buildings.
The investment firm scooped up the four-story building at 2101 Northwest Corporate Boulevard in Boca Raton, borrowing a $14 million loan from Deutsche Bank for the purchase, according to a news release from the seller’s broker. An entity led by Sergio Fernandez, Joanna Upton and Paul Berkowitz was the seller, records show.
Christian Lee was part of the CBRE team that represented the seller, and Amy Julian was part of the brokerage’s team that represented the buyer in the financing.
The 93,200-square-foot Boca Corporate Center was completed in 1982 on a 5-acre site, records show. The building is 96 percent leased, according to CBRE.
Tenants include mortgage lender Preferred Rate – Boca Raton, AppleOne Employment Services, National Federation of Independent Business and Apicella Law Group.
Wayne, Pennsylvania-based Larsen MacColl invests in commercial real estate and also has a private equity arm, according to its website. Jeff Larsen and Tim MacColl are managing partners.
South Florida office investment sales have slowed this year due to elevated interest rates and higher expenses, including for insurance. But suburban properties, which tend to come at a bargain, have kept trading.
This month, Owens Realty Capital and Galium Capital sold the Seacoast Banking Centre at 3001 PGA Boulevard in Palm Beach Gardens for $30.3 million. The building last traded for $25.1 million in 2018. In September, Galium paid $17 million for the Lake Shore Plaza II at 1300 Concord Terrace in Sunrise, marking a nearly 47 percent discount from its purchase price in 2013.
In Boca Raton, Meyers Accesso scooped up The Atrium at Broken Sound at 6111 Northwest Broken Sound Parkway in January for $25 million.