Delray Beach, FL, April 02, 2018 --(PR.com
)-- Jesse M Winner, Owner & Managing Broker of JW Florida Real Estate Services LLC, a Delray Beach based brokerage, has brokered the sale of three Class A & B office buildings in Boca Raton & Port St Lucie. The three buildings, totaling 92,114 square feet, closed cumulatively at $20.25 million, which equates to approximately $220 per square foot.
The buyer, a private family office out of New York, purchased the stabilized office properties with sale proceeds from a multi-family disposition in Manhattan, via qualified 1031 exchange.
The largest of the assets is a single tenant net lease property occupied by Fortune 5 Company McKesson (Change Healthcare), located in Port St Lucie. This location is home to customer service & backend operators for the largest medical companies in the country. Prior to McKesson, this property was occupied by QVC. This Class A building traded at $10,750,000 for a 6.8% cap rate.
The second property, a centrally located two story Boca Raton office, offers the new buyer a value add opportunity through improvements to the common areas, exterior and leasing of a vacant space. This property sold for $6,800,000 at a pro forma 7% cap.
Rounding out the portfolio is the Boca Raton Professional Plaza, located at 301 Crawford Blvd in East Boca Raton. This building is a stable class B two story, multi-tenant office adjacent to Boca City hall occupied by construction, brokerage and security professionals. This property sold for $2,700,000 at a 6.4% cap, or just under $180/sf.
“The strong tenant base across these properties, anchored by healthcare tenant McKesson, will yield investment income for this family office for years to come,” adds Winner.
The properties in the transaction are:
McKesson (Change Healthcare): 52,774 square feet; 300 NW Business Center Dr, Port St Lucie, FL
Avalon at Arvida Executive Center: 25,703 square feet; 2201 NW Corporate Blvd, Boca Raton, FL
Boca Raton Professional Plaza: 13,637 square feet; 301 Crawford Blvd, Boca Raton, FL
About Broker Jesse M Winner:
With more than 14 years experience negotiating & managing real estate transactions, Jesse M Winner is eager & qualified to represent investors and owner occupants in the acquisition &/or sale of commercial properties and luxury residential real estate. Jesse earned his Florida real estate license in 2004 and incorporated JW Florida Real Estate Services LLC in 2009, near the lows of the economic collapse. Since then, JW Florida has grown year over year by providing professional representation with a focus on the details and superior responsiveness.