Larsen MacColl Partners Acquires Boca Corporate Center In Boca Raton For $20 Million
2101 Northwest Corporate Boulevard
$20,000,000
$214/SF
Building Size
93,219 SF
Asset Type
Office
Closing
Dec 17, 2024
About this deal
AI
The property asset involved in this transaction is an office building located at 2101 Northwest Corporate Boulevard in Boca Raton. The sale price was $20,000,000, covering a total square footage of 93,219. The property is situated in a market characterized by its potential for rent increases and includes recently renovated common areas.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $20,000,000
- Buyer: Jeff Larsen - Larsen MacColl Partners
- Buyer's Representative: Art Frye - Spaulding and Slye Investments
- Seller's Representatives: Christian Lee, Matthew Lee, Sean Kelly & Tom Rappa - CBRE
- Lender: Deutsche Bank
- Mortgage Brokers: Amy Julian & Andrew Chilgren - CBRE
- Price per Square Foot: $215
CBRE facilitated the transaction, showcasing the collaboration among multiple representatives. The lender, Deutsche Bank, provided a loan amount of $14 million for this deal, underscoring the financial backing involved in acquiring the asset.
Players
Boca Raton Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93