FT. LAUDERDALE, FL-Local investor Bruce Weiner purchased the 89,503-square-foot Boca Corporate Plaza from Invesco Real Estate for $8.6 million, or $96 per square foot on June 1. The 23-year-old building, located on the east side of the Florida Turnpike at Glades Road, is 30% occupied, says Christian Lee, vice chairman of CB Richard Ellis’s Miami office, who was one of the brokers in the deal representing the seller.
Under the new ownership, the property will receive a cosmetic renovation, says Lee. The Boca Corporate Plaza is located in a 22-acre mixed-use lakeside development, which includes a Hilton hotel and numerous restaurants and retail shops, he says. Major office tenants include the Almaco Group, Inc., which builds modular units for ships, Ft. Lauderdale-based Spherion Atlantic Resources, a temp agency, and Tampa-based DEX Imaging, which sells and leases office equipment.
The Boca Corporate Plaza has a high vacancy rate because the economy in Boca Raton is very soft, says Lee, so when an office building loses tenants, it is hard to replace them. “This building had several unlucky situations in which tenants sold out or went out of business,” he says.
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