Ivy Realty Picks Up Boca Office Center

CBRE represented a New York-based investment advisor in the sale of Meridian Office Center to Ivy Realty for $26,985,000.
Located at 6551-6601 Park of Commerce Boulevard, within Boca Raton’s prestigious Park at Broken Sound, Meridian Office Center is a 131,680-square-foot, two-building suburban office project 100% leased to two tenants.
Cross Country Healthcare, which leases 70,406 square feet, occupies one two-story building constructed in 1998.  Headquartered at the property since 2003, Cross Country is the country’s leading provider of nurse and physician staffing, serving public and private acute-care and non-acute care hospitals, government facilities, schools, outpatient clinics, ambulatory care facilities, and physician practice groups.
Lexis Nexis, which leases 61,274 square feet, occupies the other two-story building constructed in 1999.  LexisNexis is  the world’s leading provider of content-enabled workflow solutions designed specifically for professionals in the legal, risk management, corporate, government, law enforcement, accounting, and academic markets.  The tenant recently completed a $4.5 million capital improvement, including significant investments into a state-of-the-art data center.
With 594 surface parking spaces, Meridian also features among the submarket’s highest parking ratios, at 4.5 per 1,000 square feet.
 

“Meridian’s location within the Park at Broken Sound is particularly attractive. While Boca Raton’s office market fundamentals are strong, with 15.4% vacancy, the Park at Broken Sound has recently outperformed the greater market, registering only 12.% vacancy,” said José Antonio Lobón, First Vice President, CBRE Capital Markets.

 

“Additionally, the business park has recently been re-branded and re-zoned; consequently, developers are now planning four multifamily projects totaling 1,372 units as well as 81,000 square feet of new retail, including Boca Raton’s new Fresh Market,” said Christian R. Lee, Vice Chairman, CBRE Capital Markets.

CBRE’s Christian R. Lee, Vice Chairman, José Antonio Lobón, First Vice President, and Marcos Minaya, Financial Analyst, of the Miami Institutional Group handled the sale.  Michael Erickson, Senior Vice President of CBRE Brokerage, and Charles Foschini, Vice Chairman, Christopher Apone, Senior Vice President, and Amy Julian, Vice President, of CBRE Debt & Structured Finance, collaborated with the team in representing the seller and placing financing on behalf of the Buyer.

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