T
he Schmier Property Group has expanded its real estate holdings in Boca Raton through the acquisition of a mixed-use complex for $32 million. The purchase was facilitated through an $18 million mortgage provided by Seacoast National Bank. The transaction was brokered by Josh Wade of Flagship Partners, who represented both the buyer and the seller.

    The seller, an entity managed by West Palm Beach investor Herbert Kahlert, purchased the 6.6-acre property in 2001 for $13.1 million. The property is home to a six-story office building occupied by Flagstar Bank and a one-story restaurant leased to Cheesecake Factory. The buildings were completed in 1980.

    The office building within the complex also features two floors of co-working executive suites equipped with conference rooms, according to an online listing. The acquisition of Boca Financial Plaza marks another significant addition to Schmier Property Group's growing portfolio in Boca Raton.

    In 2020, the group, in partnership with Giles Capital Group and Rosemurgy Properties, completed Uptown Boca, a large-scale mixed-use project situated on the southeast corner of U.S. 441 and Glades Road. The development includes a 456-unit apartment complex and 195,000 square feet of retail and restaurant space on a 40-acre plot of land purchased for $38 million in 2018.

    In 2021, the joint venture sold Uptown Boca's apartment complex to Atlanta-based Cortland for $230 million. Whole Foods has recently signed a lease to anchor Uptown Boca's retail component, and the store has now opened, according to published reports.

    Schmier Property Group and Independencia Asset Management also own a shopping center in Doral, anchored by a Ross Dress for Less store. The joint venture acquired the retail site for $37.9 million in 2017. However, the shopping center lost its other anchor tenant, Bed, Bath & Beyond, when the retailer closed several stores as part of a bankruptcy reorganization last year.