CBRE’s Private Capital Group arranged the sale of Grove Centre, a 52,253-square-foot medical/professional office building in Boca Raton. The three-story building at 21301 Powerline Road sold for $7.025 million and was 86% leased at the time of the sale. CBRE represented both the seller and the buyer, KAS GROVE LLC, based in Coral Gables, Florida.
“This continues the trend we are seeing of domestic and international investors seeking well-located office assets with some vacancy to provide upside through lease up,” said CBRE Senior Vice President Scott O’Donnell. “We received extremely strong interest from local, national and foreign private capital investment firms, and the top three bids came from equity sources based in Miami, Argentina and Canada.”
Located in a highly visible area with direct frontage on Powerline Road, a main throughway, Grove Centre provides three levels of professional medical/office space situated on approximately 3.46 acres. It is adjacent to the affluent residential neighborhood of Boca Grove.
In addition to O’Donnell, CBRE Private Capital Group professionals involved in the transaction include Vice President Dominic Montazemi, Vice President Jason Hochman and Associate Miguel Alcivar.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.