The Capital Markets Team of Mike Davis, Dominic Montazemi, Scott O’Donnell, Rick Brugge, Michael Lerner and Greg Miller Represented a Joint Venture of Crocker Partners and Wheelock Street Capital in the Recapitalization of the ±277,000-Square-Foot Office Building. Jason Hochman, Michael Ryan and Brian Linnihan secured the financing.
The Cushman & Wakefield Capital Markets team of Mike Davis, Dominic Montazemi, Scott O’Donnell, Rick Brugge, Michael Lerner and Greg Miller negotiated the recapitalization on behalf of CP Boca Place, LLC, a joint venture of Crocker Partners and Wheelock Street Capital. New York-based investor Rockwood Capital has acquired the joint venture interests of Wheelock Street Capital.
Jason Hochman, Michael Ryan and Brian Linnihan of Cushman & Wakefield’s international Equity, Debt and Structured Finance (EDSF) platform assisted in securing a floating rate loan on behalf of the recapitalized partnership.
One Boca Place is the second-largest multi-tenanted office asset in Boca Raton and third-largest in Palm Beach County. The four-story building was developed in 1986 on a ±7.7-acre site at 2255 Glades Road and offers on-site banking and dining, 24-hour security and a six-story parking deck.
The building was 89% occupied at the time of sale. Notable tenants include PNC Bank, CBIZ, Proskauer Rose, Regus and Raymond James.
“One Boca Place is both strategically and prominently positioned at the core of Boca Raton’s rapidly emerging CBD district, now recognized as Midtown Boca. Located at the northwest corner of the I–95 interchange and Glades Road, One Boca Place serves as the gateway to Midtown Boca’s 3 million square-foot office market, 2 million square feet of prime retail, four top-tier business hotels, more than 30 dining options and 2,500 projected multifamily units that will come online with the pending adoption of Boca Raton’s Planned Mobility District for Midtown Boca,” said Montazemi.
“One Boca Place provided investors with the opportunity to acquire an institutional-quality asset in one of South Florida’s strongest job markets. This exceptional core-plus asset benefits significantly from Midtown Boca’s continued transformation,” said Davis.
Added Davis, “A completed renovation program, limited capital requirements combined with the ability to increase occupancy and grow in-place rents provided a rare and exciting lease-to-core opportunity for investors looking for strong cash flows and impressive yield growth.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.