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City Of Boca Raton Acquires Office Building From Ian Weiner And Jonathan Bauer For $17.4M

Property Image
SOLD
$17,400,000

Florida

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Office70,400 SF
Sold 10/29/2025
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SOLD

City Of Boca Raton Acquires Office Building From Ian Weiner And Jonathan Bauer For $17.4M

6551 Park Of Commerce Boulevard

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Office70,400 SF
Sold 10/29/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$247
Total Square Footage:70,400 SF
Transaction Type:Sale

The City of Boca Raton purchased an office building located at 6551 Park of Commerce Boulevard in Boca Raton for $17.4 million. The property encompasses 70,400 square feet and has a price per square foot of $247.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $17,400,000
  • Buyer: City of Boca Raton
  • Seller: Ian Weiner - PEBB Enterprises; Jonathan Bauer - Contrarian Capital
  • Square Footage: 70,400
  • Price per Square Foot: $247

The transaction involved Ian Weiner representing PEBB Enterprises and Jonathan Bauer representing Contrarian Capital as sellers. The City of Boca Raton plans to renovate the acquired property for municipal operations as part of a broader government campus redevelopment initiative led by Terra and Frisbie Group.

Players

Ian Weiner
PEBB Enterprises
Ian Weiner
23 deals$392.6M volume
SELLER
CM
Contrarian Capital Management
SELLER
PEBB Enterprises
PEBB Enterprises
SELLER

Details

SOLD
IMAGE: Jonathan Bauer & Ian Weiner DATE: 10/29/2025 ADDRESS: 6551 Park Of Commerce Boulevard MARKET: Boca Raton ASSET TYPE: Office BUYER: City of Boca Raton SELLER: Ian Weiner - PEBB Enterprises; Jonathan Bauer - Contrarian Capital SALE PRICE: $17,400,000 SF: 70,400 ~ PPSF: $247 NOTE: The City of Boca Raton purchased a 70,400-square-foot office building at 6551 Park of Commerce Blvd. for $17.4 million from Meridian Park of Commerce LLC, an affiliate of Contrarian Capital and PEBB Enterprises. The city plans to renovate and relocate municipal operations there as part of its broader government campus redevelopment led by Terra and Frisbie Group.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$928,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$61,818.52
Cash-on-Cash Return-1.27%
Monthly Debt Service$82,484.88
Annual Debt Service$989,818.52