Joseph Sitt Of Thor Equities Acquires Office Complex In Boca Raton For $62 Million
5355 Town Center Road
$62,000,000
$231/SF
Building Size
267,812 SF
Asset Type
Office
Closing
Sep 8, 2026
About this deal
AI
The property asset involved in this transaction is located at 5355 Town Center Road, Boca Raton, FL. It is an office type asset, encompassing a total square footage of 267,812. The sale was finalized for a price of $62,000,000, reflecting a price per square foot of $232. The asset is approximately 90% leased and features a parking garage with a substantial area of 114,599 square feet.
Summary of transation details:
- Property Type: Office
- Transaction Amount: $62,000,000
- Buyer: Joseph Sitt - Thor Equities
- Seller: Angelo Bianco - CP Group
- Square Footage: 267,812
- Price per Square Foot: $232
- Leasing Status: Approximately 90% leased
- Parking Garage Area: 114,599 square feet
The key individuals involved in this deal are Joseph Sitt, representing Thor Equities, and Angelo Bianco, representing CP Group. This transaction signifies Thor Equities’ strategic move to diversify its portfolio beyond South Florida’s retail sector, while CP Group is exiting the remaining part of the Town Center complex.
Players
Center 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
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93