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GlobeSt.com EXCLUSIVE: Boca Technology Center LLC Selling 85 Acres

BOCA RATON-Stiles Corp. purchased 23 acres for $11.6 million, Principle Properties bought 7.5 acres for $4 million, and an undisclosed buyer is under contract to purchase 55 acres in the T-Rex Corporate Center here. Stiles has the right to develop 600,000 sf of office and Principle plans to build 50,000 sf of retail.

By Melissa Bogdany | Updated on March 31, 2003

BOCA RATON-In three separate transactions, Boca Technology Center LLC has agreed to sell 85 acres of undeveloped land within the T-Rex Corporate Center here. To date, the three new owners have more than 650,000 sf of new development planned for the site, according to CB Richard Ellis Inc.

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.

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