Stiles Corp. of Fort Lauderdale purchased 23 acres of land here for approximately $11.6 million. The property is located on Yamato Road.
While Stiles did not say what plans it has for the land, Boca Technology Center LLC sold the rights to Stiles to develop 600,000 sf of office space, Jeff Kelly, senior vice president with the Palm Beach County office of CB Richard Ellis, tells GlobeSt.com. And Stiles plans to build on it, according to Steve O'Hara, vice president with that office and a broker involved in the transaction.
Boca Technology Center LLC also just sold 7.5 acres to Principle Properties of Boca Raton for approximately $4 million. Principle Properties plans to build 50,000 sf of retail space along Yamato Road, Kelly says.
In addition, the last, 55-acre parcel to be sold by Boca Technology Center LLC in the T-Rex Corporate Center is currently under contract. Thus, Kelly did not reveal the name of the buyer or its plans for the land.
Brokers involved say it made sense for Boca Technology Center LLC to sell the excess land in the corporate center. "The owners of the property are not land developers. Their forte is not land development," Kelly says. "The goal is to get the existing property leased. This was a way to bring in some additional cash."
Additionally, O'Hara notes that it's "a great location. It's on Yamato Road. It's a major artery in Boca Raton."
Boca Technology Center LLC also owns the land the existing buildings in the center are on. The T-Rex Corporate Center is approximately 70% leased and includes 1.8 million sf of office space with some warehouse potential in the unleased portion of the existing facilities.
Kelly, O'Hara and Mike Erickson, first vice president with the Palm Beach County office of CB Richard Ellis Inc. represented Boca Technology Center LLC.
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