The Fort Lauderdale-based commercial real estate investment and management company closed on the acquisition with just 10 weeks of the initial sale offering of the 386,046 sf of gross leaseable space in six buildings at Interstate 95 and Congress Avenue in Boca Raton, FL, 70 miles north of Downtown Orlando.
"That is extremely fast," Scott O'Donnell, a senior associate in the South Florida investment services division of Trammell Crow Co., tells GlobeSt.com. "Boca Industrial Park represents one of the few industrial assets, comprising nearly 400,000 sf, to come available in South Florida over the past year."
Danburg negotiated about $150,000 off the asking price. Anchor tenants include Rexall Showcase International, Whirlpool Corp. and Pillsbury.
O'Donnell and Peter Filomena, the division vice president, represented TIAA-CREF in transaction. This is the second recent large deal for the pair, which recently brokered the sale of the Weston Corporate Centre, a 148,559-sf class A office project, on behalf of TimesSquare Real Estate Investors, a CIGNA company.
"Both institutional and private sector demand for industrial real estate in South Florida is extremely aggressive at this time," O'Donnell says. "Interest is much higher this year as attention has shifted away from the office sector."
The asset is producing a capital rate of about 8.56% on current net operating income, with asking rents ranging from $6.50 per sf to $7.75 per sf, triple net, plus $2.59 per sf in operating expenses.
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