Prime US REIT, KBS Secure $65M Loan for One Town Center in Boca Raton
By Julia Echikson August 2, 2021 2:53 pm
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KBS — on behalf of Singapore-based Prime US REIT — secured a $64.7 million acquisition loan from Citizens Bank for One Town Center, its 10-story office building in Downtown Boca Raton, Fla., property records show.
Last month, the Singaporean real estate investment trust purchased the building for $99.5 million. KBS, based in Newport Beach, Calif., serves as Prime US REIT’s asset manager for its U.S. portfolio.
Representatives for KBS did not immediately respond to requests for comment.
Located at 1 Town Center Road, the 191,294-square-foot office tower sits along South Military Trail in the heart of Boca Raton’s retail district, behind Simon Property Group’s Town Center at Boca Raton shopping mall.
At the time of the sale, the building was 95 percent leased, according to the former owners, commercial real estate firms CP Group and Siguler Guff & Co. The Seed coffee shop and Boca-based restaurateur Mitchell Robbins plan to open retail outposts in the building.
Prime US REIT specializes in Class A offices. Its portfolio, worth $1.41 billion as of March 31, spans 12 properties across the U.S., per the company.
Julia Echikson can be reached at jechikson@commercialobserver.com.
