MIAMI–New York-based investor Rockwood Capital has acquired the joint venture interests of Wheelock Street Capital in One Boca Place, a 277,390-square-foot marquee office in Palm Beach County. The recapitalized partnership between Rockwood and Crocker Partners has also secured a floating-rate loan.
Crocker Partners re-acquired the property for $76.35 million in a joint venture with Wheelock Street Capital two years ago.
One Boca Place is the second-largest multi-tenanted office asset in Boca Raton and third-largest in Palm Beach County. The four-story building was developed in 1986 on a 7.7-acre site at 2255 Glades Rd. The building was 89% occupied at the time of sale. Notable tenants include PNC Bank, CBIZ, Proskauer Rose, Regus and Raymond James.
The Cushman & Wakefield Capital Markets team of Mike Davis, Dominic Montazemi, Scott O'Donnell, Rick Brugge, Michael Lerner and Greg Miller negotiated the recapitalization on behalf of CP Boca Place, LLC, a joint venture of Crocker Partners and Wheelock Street Capital.
Jason Hochman, Michael Ryan and Brian Linnihan of Cushman & Wakefield's international Equity, Debt and Structured Finance platform secured the loan.
“A completed renovation program, limited capital requirements combined with the ability to increase occupancy and grow in-place rents provided a rare and exciting lease-to-core opportunity for investors looking for strong cash flows and impressive yield growth,” Davis says in a prepared statement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
