Boca Office Building Sells To Boston Developer For $11.5M

Written by on 03.02.16 in Investment Trends, Office - No comments

A company tied to Boston developer Triad Group has picked up a Boca Raton office building for $11.5 million.

KAS Grove LLC, a Coral Gables firm tied to SF Partners and managed by Daniel Stuzin, sold the Class B building at 21301 Powerline Road. TJAC Boca Grove, which is managed by Triad founder and principal Zvi Schwarzman, bought the Boca Grove Centre.

The three-story, 51,808-square-foot building was constructed in 1983 and sits on a 3.45-acre lot. Palm Beach County records show it last sold for $6.9 million in 2013, which means the seller made about $4.6 million in three years.

This most recent sale breaks down to about $222 per square foot for the building. The Triad affiliate financed the sale with an $8.6 million mortgage from SunTrust Bank. Triad Group is a leasing, construction, acquisition and management company.

With acquisitions, Triad targets regional shopping centers, mixed-use properties, redevelopment sites, and distressed, vacant or bankruptcy opportunities, according to its website. It also focuses on student housing and corporate apartments through its affiliate TJAC Development.

Stuzin is a founder and managing principal of SF Partners, a real estate investment firm based in Coral Gables.


Source: The Real Deal

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