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2600 N Military TRL, Boca R...

Updated Oct 29, 2024

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Edge Principal Advisors Acquires Property From Ascentris In Boca Raton For $242690 With Seller's Rep José Lobón
SOLDOffice

Edge Principal Advisors Acquires Property From Ascentris In Boca Raton For $242690 With Seller's Rep José Lobón

2600 N Military TRL, Boca Raton, FL...

Building Size

242,690 SF

Asset Type

Office

Closing

Nov 20, 2023

About this deal

AI

The property involved in this transaction is Fountain Square, a Class A office campus located at 2600 N Military Trail, Boca Raton, FL. The property encompasses a total of 242,690 square feet and is situated on approximately 15 acres. The property is positioned within a market that offers 2 million square feet of retail amenities and is conveniently located near Interstate 95 and the Florida Turnpike.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Undisclosed
  • Address: 2600 N Military Trail, Boca Raton, FL
  • Market: Boca Raton
  • Seller: Ascentris
  • Buyer: Edge Principal Advisors
  • Seller's Rep: José Lobón, CBRE
  • Current Tenants: Banking, legal, medical, dental, real estate and financial services firms
  • Capital Improvement Plan: $4.9 million
  • Loan Amount: $56.5 million

The transaction involved IP Capital, which formed a joint venture with Edge Principal Advisors for the acquisition of Fountain Square. The sellers included Bridge Investment Group's Bridge Office Fund Manager in collaboration with Ascentris, and they were represented by Christian Lee and José Lobón of CBRE. In addition, Chris Drew, Maxx Carney, Reid Carleton, and Jimmy Calvo of JLL facilitated a floating-rate acquisition loan through CIBC Bank USA on behalf of the borrower.

Players

Jose Lobon

CBRE

Broker

$3.8B

vol

53 deals

Broker
EA
Edge Principal AdvisorsBuyer
A
AscentrisSeller

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

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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