MHCommercial Real Estate Fund II Acquires Property From Adler Real Estate Partners For $45.93M

The property asset involved in the transaction is Yamato Office Center, located at 999 Yamato Rd, Boca Raton, FL, 33431. The sale price was $45,930,000. This office complex comprises two Class-A office buildings, with a total square footage of 171,724, and was approximately 71% leased at the time of the sale.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $45,930,000
• Buyer: MHCommercial Real Estate Fund II
• Seller: Adler Real Estate Partners
• Buyer's Representative: Elizabeth Jones, John Strickroot - Shutts & Bowen
• Seller's Representative: Marcos Minaya - CBRE
• Year Built: 2000 (999 Yamato Rd), 1986 (1001 Yamato Rd)
• Location: Park at Broken Sound, Boca Raton
• Financing Provided By: LoanCore Capital
• Property Management: NAI/Merin Hunter Codman

Key individuals involved in the transaction include Dung Lam, Neil E. Merin, and Jordan Paul, who formed the discretionary real estate private equity fund, MHCREFII. The acquisition process was overseen by Corey Winsett, Director of Acquisitions for MHCREFII. Financing structuring was handled by Steve Kay, Managing Director, and JP Kost, Vice President from LoanCore Capital. The property is part of a joint venture partnership with an institutional real estate fund based out of New York.