US office investor CP Group, together with Chicago-based investment manager Harrison Street Asset Management, has sold the One Boca Place office complex in the state of Florida. According to land records, the purchase price for the property in Boca Raton stood at 78.9 million US dollars. The new owner of the asset is New York-based investment firm Golden East Investors.
The property at 2255 Glades Road comprises a total area of 286,890 square feet. It is located west of Interstate 95, directly adjacent to the Town Center at Boca Raton shopping centre. Consisting of two office buildings, the campus was developed in 1986 on a plot of around 7.6 acres.
City National Bank of Florida financed the acquisition with an 82.1 million US dollar loan for the New York buyer. For the selling joint venture, the deal represented modest capital appreciation: CP Group and Harrison Street Asset Management had acquired the asset in 2014 for 76.4 million US dollars.
Third sale in home market since the summer
For CP Group, which is headquartered in Boca Raton, the disposal marks its third office transaction in the local market within just a few months. In September, the firm sold the Two Town Center property to Joe Sitt's Thor Equities for 62 million US dollars.
Prior to that, during the summer, the investor offloaded the 124-acre BRiC campus, which spans around 1.7 million square feet. That complex went to Stephen Ross's company Related Ross for an undisclosed sum. Representatives for CP Group and Golden East Investors did not immediately respond to requests for comment.
