The 11-year-old, 92%-leased property is between the nine million-sf Boca Raton, FL office market and the 7.9-million-sf West Palm Beach office market. The 38 buildings in the complex at 220 Savannah Lake Drive are adjacent to the 600-acre Quantum Corporate Park.
Byron Moger, senior vice president and Richard Donnellan, managing director, Atlantic Realty Partners, Boca Raton, arranged the transaction for Newark, NJ-based Prudential.
In a prepared statement, Donnellan says "the demand for multifamily investment property remains strong throughout Florida." The broker says interest rates are favorable and investors' return requirements are narrowing. "We see this dynamic continuing through the end of the year," Donnellan says.
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