TMT Properties Acquires Nexus Workspaces Florida Portfolio From CGI Merchant For $31 Million

The Nexus Workspaces Florida Portfolio, an off-market sale consisting of five properties, was sold for $31,000,000. This portfolio encompasses a total of 164,791 square feet and includes locations at 8461 Lake Worth Road, 2101 Vista Parkway, 850 Northwest Federal Highway, 20283 State Road 7, and 1375 Gateway Boulevard within the Lake Worth, West Palm Beach, Stuart, Boca Raton, and Boynton Beach markets.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $31,000,000
• Square Footage: 164,791
• Price Per Square Foot: $188.12
• Buyer: TMT Properties
• Seller: CGI Merchant
• Buyer's Representative: Miguel Alcivar & Greg Miller - Cushman & Wakefield
• Seller's Representative: Christian Arrabal - AdviseCRE

The transaction involved Miguel Alcivar and Greg Miller representing TMT Properties as the buyers, while Christian Arrabal represented CGI Merchant as the sellers. Notably, the portfolio includes 574 executive suites across prominent locations such as Nexus at Wellington, Vista Park, Stuart, Boca Raton, and Boynton Beach, showcasing a substantial collection in executive office suites across Palm Beach and Martin Counties.