Boca Raton, FL – April 22, 2015 – (RealEstateRama) — CBRE arranged the sale of Glades Twin Plaza, a 98,312-square-foot boutique office property located in Palm Beach County’s prestigious Boca Raton submarket. L&B Realty Advisors of Dallas, Texas, acquired the asset at 2300 Glades Road in Boca Raton for $23,750,000, or $242 per square foot, from a fund managed by BlackRock. CBRE represented the seller.
Originally built in 1982, Glades Twin Plaza received a comprehensive, $3.3 million renovation that was completed in 2010. That renovation – combined with dramatically improving market conditions – spurred leasing activity. Glades Twin Plaza climbed from 57% leased at the beginning of 2014 to 77% leased today.
“With a 13,455-square-foot floor plate and an average tenant size of 2,600 square feet, Glades Twin Plaza’s design is ideally suited for the most active market segment in Boca Raton,” said Christian R. Lee, Vice Chairman, CBRE Capital Markets. “Over 60% of all lease activity in Boca Raton since 2012 comprises transactions below 5,000 square feet.”
Glades Twin Plaza is located at the intersection of Glades and Butts Roads, which is the center of gravity in the Boca Raton office market. Several amenities – including 40 restaurants and a variety of retail options – are within walking distance. The $3.3 million renovation included contemporary Arquitectonica-designed finishes to the common areas and bathrooms, an elevator modernization, new chillers, roof replacements, and a variety of other superior cosmetic and building system upgrades. The property is also has immediate access to I-95 as well as the Florida Turnpike, only 2.5 miles to the west.
The CBRE Capital Markets team representing the seller included Christian R. Lee, Vice Chairman, and José Lobón, Senior Associate, with CBRE Institutional Properties, as well as Charles Foschini, Vice Chairman, and Chris Apone, First Vice President, with CBRE Debt & Structured Finance. Assisting the sales team was Michael Erickson, Senior Vice President, with CBRE Office Brokerage.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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