HFF closes $59.75 million sale of and arranges $33.5 million in financing for Peninsula Executive Center in Boca Raton
MIAMI, FL – June 15, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $59.75 million sale of and arranged $33.5 million in financing for Peninsula Executive Center, a 187,784-square-foot, Class A office property in Boca Raton, Florida.
HFF marketed the property on behalf of the seller and procured the buyer, C. Talanian Realty Co. Additionally, HFF worked on behalf of the new owner to secure the long-term, fixed-rate financing through Principal Real Estate Investors.
Peninsula Executive Center consists of two four-story office buildings and a 742-space parking structure located at 2381 and 2385 Executive Center Drive in Boca Raton. This location is centrally located in the heart of Boca Raton’s most coveted office submarkets and adjacent to the Midtown Boca district. Additionally, the property is surrounded by an abundant amount of executive housing and amenities, including Town Center Mall and University Commons. The property is currently 97 percent leased and is anchored by Newell Brands.
The HFF team was led by senior managing directors Chris Drew and Hermen Rodriguez, director Ike Ojala, associate director Brian Gaswirth and associate Matthew McCormack.
“This acquisition marks the first major investment in South Florida by C. Talanian Realty Co.,” said Drew. “The buyer was attracted this opportunity due to its main and main location within the heart of Boca and the durable long-term cash flow. A number of balance sheet lenders aggressively pursued this opportunity; however, Principal was ultimately selected due to their deep knowledge of the Boca office market and their ability to structure a creative financing solution.”
Rodriguez added, “This was a highly sought after investment opportunity in the very dynamic West Boca office market.”
About C. Talanian Realty Co., Inc.
C. Talanian Realty Co., Inc, has been a family owned and operated business since the 1930’s. The third generation real estate company owns and manages one of the largest private portfolios of property in Boston’s Back Bay. Outside of Back Bay, CTR has holdings in Cape Cod, South End, Beacon Hill, suburban Boston and Yerevan Armenia. CTR’s entrepreneurial, yet institutional approach, allows pursuing of investments that are more creative than a typical “institutional” investor is willing to pursue. CTR’s experience, expertise and capital resources allow it to pursue a wide range of investment opportunities, including ground-up development, value-add, and stabilized properties. CTR continues to seek opportunities in both Florida and Massachusetts.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $73.3 billion in commercial real estate assets*. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
*As of 31 March 2017
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.