Malcolm Butters Of Butters Realty & Management And Casey Cummings Of Ram Real Estate Acquire Boca Raton Office For $23.75M

The property involved in this transaction is an office asset located at 1150 Northwest Broken Sound Boulevard in Boca Raton. The sale price for the property was $23,750,000. The asset encompasses 76,761 square feet and is situated on a site that spans 11.7 acres.

Summary of transation details:

• Property Type: Office
• Transaction Amount: $23,750,000
• Square Footage: 76,761 SF
• Price Per Square Foot: $309
• Buyer: Malcolm Butters - Butters Realty & Management
• Buyer: Casey Cummings - Ram Real Estate
• Buyer: Seth M. Wise - Altman
• Seller: Stephen Rich - Mutual of America

This transaction highlights a strategic move by Mutual of America, who sold the Boca Raton office campus to reinvest in a multi-phase redevelopment. The upcoming project, featuring plans for a 287-unit apartment complex and industrial space, signifies a broader trend toward the repurposing of older office properties in South Florida. The redevelopment will be spearheaded by Ram Realty and Butters Construction, which will involve demolishing the existing structure to facilitate the creation of affordable and workforce housing.