A Boca Raton investor just sold a two-building office complex in West Boca Raton to Boston-based C. Talanian Realty Co. for $59.7 million, according to a release from HFF.
Boca Raton-based CDR Glades LLC, led by Carl DeSantis, sold the Peninsula Executive Center, a 187,784-square-foot office complex at 2381-2385 Executive Center Drive, for about $318 per square foot.
Peninsula Executive Center is 97 percent leased, mostly to global consumer goods company Newell Brands, which owns Yankee Candle, Papermate, Elmer’s, Mr. Coffee and other brands.
The DeSantis-led entity bought the property in 2000 for $33.3 million, or $177 per square foot, property records show. It was built in 1998.
HFF’s Chris Drew, Hermen Rodriguez, Ike Ojala, Brian Gaswirth and Matthew McCormack brokered the sale. The agents also arranged for the buyers to receive a $33.5 million loan from Principal Real Estate Investors.
The Class A office buildings sit on 5.7-acres of land and are nearby Town Center Mall and University Commons.
About 2,000 square feet is still available asking about $28 per square foot, according to LoopNet.
The buyer is active in Florida and in Boston, where it manages one of the largest private portfolios of real estate in Boston’s Back Bay, according to Talanian’s website.
Broward’s office market has seen a shift in interest towards its suburban markets as rental rates in downtown areas soar. Fort Lauderdale’s downtown office environment experienced negative net absorption and increased vacancy rates in the first quarter, according to a report from Colliers International South Florida.
Overall, Broward’s office rents increased by 0.5 percent to $26.66 per square foot, compared to the fourth quarter of last year.
This is the second large sale in West Boca Raton this week. On Thursday, a 109,228-square-foot shopping center was sold for $33.2 million, or $300 per square foot, to an affiliate of Toronto-based Northbridge Investment Management. – Amanda Rabines