KBS Assists in the $100 Million Acquisition of One Town Center, a Class A Office Tower in Boca Raton, FL

One Town Center, a 191,294 square-foot
Class A office building at
One Town Center Road
in Boca Raton, FL
 

  BOCA RATON, FL – KBS, one of the largest investors in commercial real estate, announced the company assisted in the acquisition of One Town Center, a 191,294 square-foot Class A office building in Boca Raton, Florida.

Christian (Chris) Lee

The property, at One Town Center Road, was acquired from a joint venture between prominent commercial real estate firm CP Group, formerly Crocker Partners, and Siguler Guff & Co. for $99.5 million by Prime US REIT (PRIME), which trades on the Singapore Exchange Securities Trading Limits ticker as: OXMU.

 Jose Lobón

Chris Lee, vice chairman and Jose Lobón, executive vice president of CBRE brokered the sales transaction.

Bruce Fischer

 “KBS once again leveraged its deep understanding of the market and relevant fundamentals to purchase one of the most sought-after high-quality office towers in the South Florida market,” says Lee.

Tatyana Litovsky

Attorneys Bruce Fischer, Tatyana Litovsky, Chrisdo Fan and Howard Chu, and paralegal Amanda Kennedy,  of global law firm Greenberg Traurig, LLP’s Orange County office, attorney  Jody Saltzman in Greenberg Traurig’s New Jersey office, and attorney Steven Landy in Greenberg Traurig’s Miami office,  represented PRIME as legal counsel in the acquisition.

Chrisdo Fan 

 “We were very pleased to represent KBS in this significant strategic transaction on behalf of PRIME,” says Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County office, who led the Greenberg Traurig team and represented KBS.

Howard Chu

  “KBS worked with PRIME to acquire a top-quality, well-located asset in a growing submarket of one of the strongest regions in the country,” says Allen Aldridge, asset manager for One Town Center and senior vice president of KBS.

Amanda Kennedy

“This acquisition, which is within a five-minute stroll of 2.1 million square feet of dining and retail options, is in the best location in Midtown Boca Raton.

Jody Saltzman

"It gives us another opportunity to apply our hands-on management strategy to deliver best-in-class, well-amenitized office space and services that exceed tenants’ expectations.”

 

Steven Landy 

KBS serves as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on PRIME’s behalf.

Marc DeLuca

One Town Center is a Class A property consisting of a 10-story office building and an adjacent parking deck. CP Group has been retained as on-site property management.

Allen Aldridge

 “This is one of three acquisition for the portfolio since listing on the Singapore Exchange in 2019,” says Marc DeLuca, Eastern regional president for KBS.

“Acquiring One Town Center marks another strategic investment into a prime location and a premier asset. At 95% occupancy, One Town Center is one of the most desirable office properties in the Boca Raton market with strong in-place cash flow and a diverse base of creditworthy tenants.”

 

Thomas (Tom) Crocker

Built in 1991 by Thomas Crocker, One Town Center features one of the two tallest buildings in the market.

CONTACT:

Micaela Fehrenbach 

mfehrenbach@brower-group.com

www.kbs.com.

 

Saying Goodbye to an Innovator: Los Angeles Real Estate Leader Bernie Huberman Dies at 65

Bernard “Bernie” Huberman

 

·       Huberman developed the largest waste transfer facility in Los Angeles at the time.

·       He went on to found BLT Enterprises, a firm that has invested in more than $2 billion in commercial real estate to date.

·       BLT is one of the largest private commercial property owners in Southern California and continues to actively invest in and operate high-quality real estate throughout the state.

 

Los Angeles, CA – The world lost a real estate legend on July 10 as Bernard “Bernie” Huberman, age 65, passed away peacefully in his home surrounded by loved ones.

 A son of Russian immigrants who grew up in Boyle Heights working at his father’s scrap metal yard as a kid, Huberman pioneered the concept of a waste transfer and recycling facility early in his career – a move that transformed the industry and paved the way for the creation of BLT Enterprises in 1984.

Daniel (Dan) Rosenthal

Huberman started the business driving a trash truck, and during his career developed, owned and operated large scale transfer stations and recycling facilities throughout California, with a core focus on sustainability and recycling.

 Never one to sit still, Huberman and his business partner, Dan Rosenthal, jumped into the real estate business early in their careers.

 

Robert (Rob) Solomon

They bought their first property together in 1987. Once they were bit by the real estate bug, they never stopped. 

 “Our first large scale waste facility was in Downtown Los Angeles on Washington and Alameda,” says Rosenthal, Executive Vice President and Chief Administrative Officer at BLT.

 “We spent a lot of time in the area at the time and came across opportunities to acquire industrial properties that most real estate investors shied away from.

Nikolette Huberman Jacob

 "After we acquired a significant number of properties, Bernie and I realized that we couldn’t run the real estate business without building a leadership team like we did in the waste business.”

 Today, BLT is a multi-faceted real estate development and investment company with a track record of success, and is well positioned for continued growth.

“Bernie had the rare combination of business acumen, empathy and passion,” says Robert Solomon, Chief Development & Legal Officer of BLT.

 “His early experiences as a truck driver and operator of waste facilities gave him an insider’s knowledge into industrial real estate at a time when that product type was rarely considered attractive.

 "Today, with the rise of ecommerce, the growing demand for logistics facilities, and the supply/demand imbalance in most areas, industrial product is the most in-demand in the nation, putting BLT in a tremendously strong position.”

The company, which was founded in Los Angeles, then headquartered in Oxnard, California until its return to Los Angeles in 2016, currently has over three million square feet of industrial, creative office and sound stages under ownership.

 “Bernie was a champion for measured, strategic growth,” says Rosenthal. “That guiding principle drives everything we do at BLT, resulting in our strong financial position and reputation as a trusted buyer, seller, owner and operator.”

 Beyond this success, a culture of learning and inclusion has been fostered at BLT from the beginning, according to Nikolette Huberman Jacob, Manager of Real Estate Investment & Director of Corporate Philanthropy.

 “My father’s focus was always on teaching,” says Huberman Jacob. “He trained and educated his team exceptionally well.

  "One of his priorities in recent years has been to help people feel confident in their decisions, and the result is a remarkably proficient team with a successful track record to prove it.”

 The firm continues to grow in accordance with its investment strategy and remains committed to its mission to “better the communities that have helped BLT succeed by improving the lives of families in need.”

 BLT actively supports causes that help children, promote wellness, alleviate homelessness, and give back to local communities.

 

Shawn Guttersen

Shawn Guttersen, a partner in BLT since 1998 and a senior member of BLT’s waste and recycling leadership team, says: “The entire BLT family has each been blessed by Bernie’s vibrancy, generosity, forward-looking energy, and most importantly, fairness.

 "His legacy will always be at the core of BLT. His heart is in everything the company does, now and in the future.”

 CONTACTS:

Elisabeth Manville or Jenn Quader

Brower Group

(949) 438-6262

emanville@brower-group.com