Thor Equities has acquired the Two Town Center office complex in Boca Raton, Florida, for $62 million, Commercial Observer announced. The property comprises 153,213 square feet of office space and a 114,599-square-foot car park, located at 5355 Town Center Road, east of Simon's 1.77-million-square-foot Town Center shopping mall.
According to a source familiar with the transaction, the eleven-storey building is approximately 90 percent leased. The seller, CP Group, formerly Crocker Partners, acquired Two Town Center in 2014 for $36.3 million. Concurrently, the adjacent One Town Center property was purchased for $44.7 million, as reported by Business Journals.
History and Upgrades of the Complex
CP Group originally developed both buildings and completed the 7-hectare Two Town Center in 1986. In recent years, the company invested in modernising the common areas of Two Town Center, including the lobby and the lifts. Representatives from New York-based Thor Equities and CP Group were unavailable for comment.
This sale marks the completion of CP Group's divestment of the Town Center complex. In 2021, the company sold the ten-storey One Town Center to Singapore's Prime US REIT for $99.5 million. Prime US REIT sold the property just three years later to Gatsby Florida for $82 million.
- —2014: CP Group acquires Two Town Center for $36.3 million and One Town Center for $44.7 million.
- —2021: CP Group sells One Town Center to Prime US REIT for $99.5 million.
- —2021: CP Group divests a nearby 2-hectare plot of land to Pebb Enterprises for $2.3 million.
- —2024: Prime US REIT sells One Town Center to Gatsby Florida for $82 million.
Portfolio Diversification in South Florida
The current acquisition of Two Town Center represents a slight deviation for Thor Equities in South Florida, as the company's portfolio in this region has traditionally been heavily concentrated on retail properties. Thor Equities currently owns retail buildings on Lincoln Road in Miami Beach, on the oceanfront of Fort Lauderdale, and within the Miami Design District and the Wynwood district.
