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

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.