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Boca Specialty Office/Retail Center Sells for $19M

BOCA RATON, FL-DRA Advisors LLC of New York paid about $176 per sf to MDN Wharfside Ltd. for the 107,149-sf property, which had gone from 25% leased in 1996 to 100% leased when put on the market.

By Melissa Bogdany | Updated on April 02, 2004

BOCA RATON, FL-DRA Advisors LLC of New York has purchased Wharfside at Boca Pointe, a 107,149-sf specialty office/retail center here for nearly $18.8 million. MDN Wharfside Ltd. sold the property for $176 per sf. It is located at the intersection of Powerline Road and Southwest 18th Street.MDN bought Wharfside–which was built in 1986–in 1996, when the center was distressed and 25% leased, according to a spokesperson. The company “did an exceptional job of breathing new life into what was then virtually a failed asset,” says Steve Miskew, managing director of RJS Realty Group and the exclusive agent and only broker involved in the transaction.”They saw the inherent value in the location and took a very hands-on approach to revitalizing the center,” he adds, and Wharfside was 100% leased when it was put on the market. “It is a well-positioned asset in the Southwest Boca market and should prove to be a very good investment for DRA.

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