Florida Commercial R.E.

BOCA RATON - Limited Brands has selected award-winning buildout contractor RCC Associates to renovate its popular Victoria’s Secret store at Boca Town Center. This renovation will include a 3,000 sf addition to showcase the company’s very successful Pink brand.
The new Pink addition and the renovation of the existing 8,176 sf Victoria’s Secret store will give the retailer a total of 11,176 sf.
The completion of the renovation is set for August, and the Pink addition is anticipated for completion in late October.
RCC Associates has completed more than ten buildout assignments for Victoria’s Secret. They built a Victoria’s Secret Pink location on Lincoln Road in Miami Beach just last year.
The Boca Town Center store will continue operation during the renovation and addition.
The Architect for this project is Steven Craig Nelson of San Francisco, California.
The collection of stores at Boca Town Center is so impressive that it is one of the absolute best malls in the entire State of Florida. It is also currently the largest shopping mall in Palm Beach County. This Mall is located between 2 highly traveled signalized corners on Glades Road in Boca Raton.

BOCA RATON - Local heavyweight Office Depot Inc. has been trying to raise money in the wake of their slight slump. Tuesday it received a $350 million investment from BC Partners, which is a London-based private equity firm.

This group of funds will come in handy now. After approximately 17 years headquartered in sunny Delray Beach, the office-supplies retailer built a $100 million corporate headquarters less than three miles away in ritzy Boca Raton.

Office Depot sold its Delray Beach campus for $80 million to Lincoln Financial, which is an insurance firm based near Philadelphia.
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North Palm Beach - The Enterprise National Bank Building has sold for $4 million or $192.59 per square foot. This is a two-story mixed-use building located at 11811 U.S. Highway 1, in North Palm Beach.
The Buyer was Urban Realty Partners.
CB Richard Ellis arranged the sale. Scott O’Donnell, senior V.P. with the Private Client Group in Boca Raton, and Dominic Montazemi, senior associate with the Private Client Group in Boca Raton, were the brokers on the sale. They exclusively represented the seller, in this transaction.
The 20,770-square-foot building is anchored by Enterprise National Bank, which features a three-lane bank drive-through and also has a Melting Pot restaurant.
This distinguished location has major frontage on U.S. 1. It is just north of a popular Signalized Corner of PGA Boulevard and US Highway 1.

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BOCA RATON- A well known Boca Raton 360 Unit, Apartment community sold for $40 Million. The Arbor Oaks, in Boca Raton was purchased by a private Canadian investor.
$111,111 per unit is a great deal for both Buyer and Seller.
This Multifamily community is over 90% occupied. It has Class A amenities, such as ceramic tile floors, a gated entry, business center, spa, fitness center, swimming pool and tennis courts.
Th Arbor Oaks is out in west Boca Raton, just east of U.S. 441 aka State Road 7. It encompasses almost 28 acres, south of Glades Road.
Glades Road is a well established street with a beautiful Mall and many areas for shopping and dining.
Recent property tax records had valued the property near $35 Million.
The signalized corner at Glades Road and State Road 7 has Movie theatres, a Borders book store and many well known stores.

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BOCA RATON - Fimiani Development announced the signing of the following leases at shopping centers in Bradenton, Palmetto, Largo and Lutz:
- U-Fit, a gym and fitness facility, has leased 12,798sf at Desoto Junction in Bradenton. This 150,896sf shopping center is anchored by Marshalls and is on US 41. Michael Fimiani, president of Fimiani Development, and Ryan Hayoun, leasing associate with Isram Realty Holdings, handled the transaction.
- Fanny Bernuy, a Mexican restaurant, has leased 1,050sf at East Bay Plaza in Largo. This 85,426sf neighborhood center is on Easy Bay Drive and will soon be anchored by Publix. Fimiani and Daphna Rikman, leasing associate with Isram Realty Holdings, handled the transaction.
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BOCA RATON - Hudson Realty Capital LLC, one of the nation’s premier middle-market real estate fund managers, has relocated its Southeast executive office from Miami to 433 Plaza Real in Boca Raton.
Hudson, based in Manhattan, is involved in a broad range of real estate-related debt and equity investments throughout the United States. The company, which has closed $3 billion in transactions since the formation of its initial two funds in 2002, invests throughout the capital stack to generate high, risk-adjusted returns for its investors.

Hudson’s portfolio encompasses more than $2 billion of assets currently under management in key markets nationwide, including South Florida.

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JACKSONVILLE - Marcus & Millichap Real Estate Investment Services announced the sale of a Jacksonville office building.The 34,000sf office building was sold for $2,150,000. Vice President Investments David Luther and Senior Associate Bill Kohlhepp of the Fort Lauderdale office represented the seller, a Boca Raton-based company. An outside broker secured the buyer, a private investor from the Jacksonville area.The three-story office building at 9000 Regency Square Blvd. is close to Kendall Town Center and downtown Jacksonville. The property was 40% occupied at the point of sale with tenants including United Legal Corp., Planet 5 Associates and others.

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