CGI Merchant Adds Nearly 60,000 SF of Co-Working Space in Boca Raton and Boynton Beach
The two locations add a combined 59,262 square feet of co-working commercial space to CGI Merchant Group’s The Nexus Workspaces portfolio.
MIAMI—Locally-based CGI Merchant Group has added two new locations to its Nexus Workspaces portfolio in Boca Raton and Boynton Beach.
The two locations add a combined 59,262 square feet of co-working commercial space to CGI Merchant Group’s The Nexus Workspaces portfolio. The two properties were acquired by CGI in February.
The newly acquired Nexus Boca Raton is a 44,000-square-foot Class A office building located on Highway 441 offering more than 100 executive and corporate offices, ranging from 80 square feet to 2,800 square feet with a tenant occupancy of 86%. The Nexus Boynton Beach is a 15,262-square-foot Class B office center, offering approximately 70 executive suites, ranging from 110 square feet to 280 square feet, with over 50% occupancy. The property is primly located on Gateway Boulevard near I-95.
With the two new locations, the Nexus Workspaces portfolio now has grown from four to six suburban office buildings comprised of more than 320,000 square feet located across five cities in Florida—Stuart, Vista Park, Wellington, Boca Raton and Boynton Beach.
The new Nexus Boca Raton is located at 20283 Road 7, while the Boynton Beach Nexus is housed at 1375 Gateway Blvd. California-based Republic Investment Co. sold the properties, which were purchased in separate transactions for a combined price of $9.4 million, according to commercial brokerage firm RARE CRE, which brokered the off-market deal and advised on a $6.7-million acquisition bridge loan.
“The acquisition of these two properties marks an important milestone for CGI and The Nexus Workspaces,” says Raoul Thomas, founder and CEO of CGI. “We are excited to launch in two new communities: Boca Raton and Boynton Beach, FL. We have made significant capital improvements to bring these two newly acquired assets to the same Class A standard that exists across our Nexus portfolio. This growth reflects the confidence in CGI’s portfolio properties and the vibrancy of the South Florida market.”
CGI’s capital improvements to The Nexus Boca Raton and The Nexus Boynton Beach, include upgrades to the building’s exterior and interior office spaces, and have generated increased traffic and interest in the properties, CGI Merchant states.