Developer Arranges Class A Office Sale in Boca Raton Increases Target to bringing $2B in Investments
Nov. 21, 2013 - BOCA RATON, Fla.
(Boca Raton, Florida) November 19, 2013 – Glenn E. Gromann, Esq. attorney and President of Center Realty Associates announced today that the purchase and sale of 1750 Clint Moore Road, Boca Raton, Florida was completed last month with a New York/Miami based investment group as part of a 1031 Exchange. Gromann arranged the transaction. The purchase involved a “Class A” single tenant office property which formerly served as the corporate headquarters of W.R. Grace & Co. (NYSE:GRA) and ADT Corporation (NYSE:ADT) and is located in the Arvida Park of Commerce (“APOC”) on the Broken Sound Golf (Old) Course which hosts the Allianz Championship. This is a “one of a kind, irreplaceable asset” stated Gromann. The building is currently occupied by the mobile software company OpenPeak Inc. The purchase price was approximately $12.7MM and the seller was former manufacturing magnate Rodney Longman. “This represents a significant value and signals the resurgence of the Boca Raton office market and APOC” stated Gromann. The City of Boca Raton has recently implemented new planned mobility (“PM”) ordinances and residential/mixed-use projects are now planned and moving into the area. APOC and the surrounding “Uptown” area is also home to many leading and fast growing hi-tech companies as recently reported by the South Florida Business Journal. Gromann who is also a member of the South Florida Technology Association (“SFTA”) says that “we have a strong technology base” in Boca with a lot of infrastructure which includes data center Host.net and a robust fiber network. The PM ordinances will allow “live/work/play” development with an eye toward reducing traffic flow. Currently nearly 70,000 people commute daily to Boca “we would rather have them live here close to work and also support the local economy” Gromann says. SFRTA has also made it easier to commute to Boca by mass transit and the Yamato Tri-Rail station is now the busiest on the line.
After completion of the successful “The Milan at Town Center” office project Gromann has successfully located foreign and other investors to begin a new Class A office project to be known as “The Palazzo at Broken Sound on nearby APOC property—also situate on the Broken Sound Golf Course. The Milan currently houses the Florida headquarters of Comerica Bank (NYSE:CMA) and CBIZ (NYSE:CBIZ) as well as the new Salon Sora, an upscale beauty salon backed by Neil Hirsch which is located at the penthouse. Gromann is also speaking to investors and is planning smart growth projects in retail, residential and other development which seeks to top $2 Billion dollars in the City. “There is easily that much already in the pipeline” states Gromann.
Boca Raton is a boutique City with a lot of opportunity for smart investors--the Downtown is really ready for some luxury “for sale” product and with a limited supply of infill land “the smart money that comes here first will have a monopoly on product” explained Gromann. Boca Raton has proven that it is resilient and that it can go head to head on dollars per square foot with any City. This is one of the best managed cities in the country. An internationally recognized locale, Boca has kept taxes low and credit ratings high. “When one considers that a residential owner might save over the life of ownership in excess of $200,000 in lower taxes and fees, Boca Raton is the obvious choice over say Delray Beach or Aventura especially when you consider Boca’s top private and public schools, amazing parks and recreation system, first class police & fire services and world class shopping and entertainment. To add to that Boca has become a diverse and cosmopolitan City” says Gromann. “Boca is on the rise and I fully expect great things to happen during this cycle”.