LNR Partners has closed on the disposition of an office building in the Peninsula Corporate Center in Boca Raton. The New Jersey-based buyer, Brandon Rolnick, paid $8.95 million for the 45,803 square foot asset. Built in 2006 at 950 Peninsula Corporate Circle, the three-story executive suite building was acquired through foreclosure during the first half of 2017. The property features Florida-functional amenities like hurricane-impact glass and a full building backup generator. Colliers International South Florida brokers Kevin McCarthy and Bastian Laggerbauer represented LNR in the sale, which was conducted in a three-day scheduled auction. “The opportunity to acquire an income-producing foothold with a reasonable value-add component in a high barrier-to-entry market like this was a huge draw for investors,” added Colliers International South Florida Associate Bastian Laggerbauer. “And the desirability of the property’s location and its future potential really helped LNR achieve a competitive sales process.”
