L
arsen MacColl Partners has acquired the Boca Corporate Center in Boca Raton for $20 million, demonstrating ongoing demand for suburban office buildings in South Florida despite rising interest rates. The four-story building at 2101 Northwest Corporate Boulevard was completed in 1982 and spans 93,200 square feet on a 5-acre site. It is currently 96 percent leased to tenants such as mortgage lender Preferred Rate – Boca Raton and Apicella Law Group.

    The investment firm secured a $14 million loan from Deutsche Bank to finance the purchase. Larsen MacColl Partners, led by managing partners Jeff Larsen and Tim MacColl, invests in commercial real estate and has a private equity arm. The company's acquisition of the Boca Corporate Center is part of a trend of suburban office properties trading hands in South Florida.

    While interest rates have slowed down office investment sales in urban cores, suburban properties are still attracting buyers due to their relatively lower prices. Recent deals include Owens Realty Capital and Galium Capital selling the Seacoast Banking Centre in Palm Beach Gardens for $30.3 million, and Meyers Accesso purchasing The Atrium at Broken Sound in Boca Raton for $25 million.