The property consists of 2 multi-tenant office buildings totaling 52,000 square feet. The buildings are situated on 4.35 acres in the prestigious Park at Broken Sound, formerly known as Arvida Park of Commerce, located just north of Yamato Road west of I-95 in Boca Raton.
The sale closed on December 21 for $8.9 million, which equates to $170 per square foot. Stigliano represented the Buyer, Castle Boca, LLC, in the transaction. CBRE’s Jeff Kelly, Sean Kelly and Dave Wigoda represented the Seller, MTI PROPERTIES FLORIDA LLC.
According to Stigliano, “The transaction took over 6 months to close which is significantly longer than usual in today’s market.”
The Buyer assumed a $5.1 million existing Commercial Mortgage-Backed Securities (CMBS) Loan.
“CMBS loans are desirable due to lower interest rates but they are very expensive to prepay and the procedure to assume is arduous. Fortunately, the Seller and Buyer had the patience to work though the loan assumption process,” he added.
Stigliano Commercial Real Estate has also been appointed the exclusive leasing agent for the property, which has approximately 13,000 square feet of vacant space.
Reese Stigliano is a recognized leader in the South Florida commercial real estate market, with over 40 years of experience. As President, he focuses on land sales, investment sales and office leasing for the firm. Stigliano’s talent in bringing complicated commercial transactions to a close has been evident throughout his successful brokerage career.