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| Midtown Boca Raton Office Building 1801 North Military Trail |
BOCA RATON, FL –– PEBB Enterprises, the entrepreneurial private real estate investment firm based in Boca Raton, purchased another prime commercial property in the city.
The firm acquired a Boca Raton office building –
the 1801 Building – for $18.35 million.
The off-market transaction closed on June 30,
2021.
Located at 1801 N. Military Trail, the 1801
Building is a 3-story, 61,188 square feet multi-tenant office building with one
of the area’s highest parking ratios at 5.43 spaces per 1,000 square feet.
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| Eric Hochman |
PEBB plans to substantially renovate the building’s lobby, common areas, bathrooms and landscaping. The firm will also add a signature outdoor feature to the property.
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| Ian Weiner |
Built in 1999, the 1801 Building is currently
about 74% leased.
Tenants
include BNY Mellon/Pershing, IberiaBank and
Morgan Stanley.
“This value-add acquisition provides for the
opportunity to lease up over 23,000 square feet in the increasingly tight Boca
Raton office market,” PEBB Chief Investment Officer Eric Hochman said.
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| Keith O’Donnell |
“The planned building renovations will allow our existing and prospective tenants to benefit from Class A office space in a newly renovated boutique office building.”
The building’s direct access to I-95 and
proximity to more than 2 million square feet of retail, including the Town
Center at Boca Raton mall, 25-plus restaurants and three hotels make the
building extremely desirable for tenants.
“This transaction adds a prime office building
to our growing South Florida portfolio,” PEBB President and CEO Ian Weiner said.
“We anticipate significant interest in the available space from companies
seeking to relocate to the area, along with businesses already established
here.”
Keith O’Donnell
of Avison Young and Mark Rubin from Colliers International Florida
represented PEBB in the transaction.
“Keith and Mark were instrumental in identifying
this opportunity and facilitating the transaction with an out-of-area seller in
spite of Covid’s impact on the market,” Weiner said. “We appreciate their deep
market knowledge.”
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| Mark Rubin |
Boca Lake is adjacent to PEBB’s headquarters at
Boca Corporate Plaza – which the real estate firm also owns.
CONTACTS:
Eric Kalis
954-370-8999
Daniel Benjamin
Senior Account Executive, BoardroomPR
O 954-370-8999
C 954-618-8287
Bank of America Plaza | 1776 N Pine Island
Road
Suite 320 | Fort Lauderdale, FL 33322
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