The properties were sold by Frisbie Group-affiliated ownership, along with entities tied to ophthalmologist Dr. Stephen Sullivan and Marcia Sullivan.
Nelson Garcia of RARE CRE represented the seller in the acquisition. Michael Basinski and Mitch Sinberg of Berkadia Boca Raton arranged a $31.75 million acquisition loan through City National Bank.
The site has long attracted developer interest because of its scale, location and proximity to transit.
Cleveland Clinic will be the facility’s anchor tenant, occupying the entire 34,000-square-foot first floor.
The 36,041-square-foot facility is currently 63.4% leased, with 88% of the occupied space dedicated to healthcare users.
The transaction marks the first partnership between the two firms.
The six story, 127,033-square-foot facility, scheduled to open in 2027, is one of the health system’s first major new construction projects in almost 30 years.
The master-planned development will include 401 multifamily residences, approximately 426,764 square feet of essential and service-oriented retail, a 125-key lifestyle hotel and an approximately 82,875-square-foot office building.
The 8-story tower features 25,000-square-foot floorplates, a 10,000-square-foot fine-dining restaurant, and an exclusive tenant-only rooftop patio.
“This refinancing reflects both the quality of the portfolio assets and continued strength of the Boca Raton office market,” PEBB Enterprises CEO Ian Weiner said.
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