New York-based DRA Advisors has sold a three building office complex in Boca Raton to Butters for $21 million. The 120,000 square foot office complex on Northwest Corporate Boulevard, off Glades Road and I-95, changed hands for $175 per sqf. Butters plans to invest $3 million in the complex, with a goal of bringing it up from Class C to Class B. Currently 78 percent occupied, the complex’s tenants including Garda World, Rogers & Cowan, Milber Makris Plousadis & Seiden, Katz & Associates and Pinkerton. The purchase marks the third acquisition for Butters in the Palm Beach County office market in the past year.
“There was no asking price,” said Adam Vaisman, director of acquisitions for Coconut Creek-based Butters. “In the Class A market, the asking rents are upper $20s, $30s net, and we feel there is a gap between that class’s rents and the Class B rents, and we can take advantage of that. We can raise the rents by investing some money in the buildings.”
