One of the largest local real estate transactions of 2014 closed on the second-to-last day of 2014, as the adjoining Shops at Boca Center and Towers at Boca Center were sold for $193.8m.
The property has 110,577 square feet of retail space, two office buildings totaling 518,122 square feet – with 218,577 square feet leasable and the rest covered parking – and a 4,448-square-foot McDonald’s restaurant. Crocker Partners constructed the buildings on the 26.1-acre site between 1986 and 1988.
TIAA-Creff affiliates WRC Properties and 485 Properties sold the buildings to Boca Center at Military, an affiliate of Glastonbury, Conn.-based Cornerstone Real Estate Advisers with Boca Raton-based Crocker Partners as a joint venture partner. HFF represented the seller.
The retail portion includes the tenants Brio Tuscan Grille, Morton’s Steak House, Rocco’s Tacos, Tap 42, Sushi Ray, En Vogue, Guy LaFerrera, Jos. A. Bank, Chico’s, Hoffman’s Chocolate, Panera Bread, Starbucks, AT&T Wireless and Verizon Wireless.
Space in the office buildings was recently listed for lease online at $30 per square foot. Sun Capital Partners is among the tenants. CBRE managed the office leasing for the previous owner.
