Tricera Capital Acquires Office Building In Boca Raton For $20M

An office property located at 1675 N Military Trl in Boca Raton has been sold for $20,000,000. The transaction took place on 11/23/2021. The property spans 70,000 square feet, resulting in a price per square foot of $286. The buyer in this deal was Scott Sherman of Tricera Capital, while the seller was Randy Rossini of 5295 Center Realty Associates. The brokers involved in the transaction were Tyler S. Kuhlman, Douglas K. Mandel, and Jonathan More of Marcus & Millichap.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $20,000,000
• Address: 1675 N Military Trl
• Market: Boca Raton

In addition to the sale, Tricera Capital secured nearly $20M in financing for this property, with Jonathan More providing assistance. According to Kuhlman, the lack of new construction in the area has driven rental rates and occupancy, leading to a strong market in Florida.