Group Pays $13 Million For Boca Retail & Office Complex

A sprawling Boca Raton retail and office complex has sold for nearly $13 million to a group that plans an extensive multimillion-dollar renovation at the 10-acre site.
Boca Wharfside LLC on Wednesday acquired the Wharfside at Boca Pointe and plans to reposition the complex as Boardwalk at 18th Street, according to the brokers who arranged the sale.
The seller is a company managed by New York-based DRA Advisors LLC, which paid $18.75 million for the nearly 114,000-square-foot complex in March 2004.
Boca Wharfside is managed by Zvi Schwarzman of Boca Raton and Mark Greene of San Juan, Puerto Rico, according to state corporate records. The company obtained financing from CapitalSource Bank at a 70 percent loan-to-value ratio, according to brokers Ayal Frist, Daniel Statlander and Eric Fixler.
Frist, a commercial partner at Boca Raton-based Stateland Brown LLC, and Statlander, managing broker at the firm, arranged the sale. Fixler, managing director of the Boca Raton office of California-based Johnson Capital LLC, arranged the financing.
The complex at 6853 SW 18th St. is 65 percent occupied. Tenants include Carraba’s Italian Grill, PNC Bank and medical offices.
The buyers hope to repeat the success they’ve had repositioning the former Fountains at Camino nearby, according to Frist.
“They took over a 40 percent occupied [complex] and within a year brought it to 80 percent,” he said. “They are looking forward to the next one.”
 
Source:  DBR