Mainstreet Picks Up Pair Of Boca Office Buildings

Jul 23, 2014 1 Comment by

A pair of office buildings in Boca Raton were acquired at a 44 percent discount to their previous sale.

TIAA took a hit on both properties.

After paying $62.15 million for them in 2006, it sold the office buildings at 5201 Congress Ave. and 901 W. Yamato Road for a combined $35 million.

They were acquired by Mainstreet CV North 40 LLC, an affiliate of Fort Lauderdale-based Mainstreet Capital Partners, led by Paul J. Kilgallon. Bank of America provided a $26 million mortgage to the buyer.

According to Mainstreet Capital Partners’ website, it owns more than 6.2 million square feet of offices across the country.

The building on Congress Avenue totals 222,136 square feet on 17.1 acres. An online listing says 101,316 square feet is available for lease there with an asking rate of $13.50 per square foot.

Sitting on 10 acres, the building on West Yamato Road totals 160,817 square feet. According to an online listing, it has 12,500 square feet available for lease with an asking rate of $13.50 per square foot. The building was formerly the headquarters of Medical Staffing Network, which was recently acquired by Cross Country Healthcare.

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Industry News, NA, Office, Palm Beach County Office

One Response to “Mainstreet Picks Up Pair Of Boca Office Buildings”

  1. Avison Young Wins Leasing Assignment For The North 40 | South Florida Office Brokers Association says:

    […] the exclusive leasing assignment of “North 40,” a 350,616-square-foot two-building complex recently acquired by Mainstreet Capital Partners Inc. and Carval Investors in the largest investment sale transaction to date in Palm Beach County in […]

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