Tricera Capital Buys Boca Raton Office Building for $20 Million
By Julia Echikson November 23, 2021 5:58 pm
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Miami-based Tricera Capital purchased a Boca Raton office building for $20 million, the investor announced.
The downtown property, Milan at Town Center, at 1675 North Military Trail, is adjacent to Simon Properties’ Town Center at Boca Raton. The shopping mall boasts a mix of designer boutiques such as Gucci and Louis Vuitton, as well as standard national chains, including Bath & Body Works.
The 66,206-square-foot office building spans seven stories and is currently 56 percent leased with tenants that include Comerica Bank and law firm Brodie & Friedman. The seller, 5295 Center Realty Development LLC, built the structure in 2008.
Tricera intends to renovate Milan at Town Center’s lobby, common corridors, restrooms and building systems. It also plans to create an entire floor of move-in-ready spec space to accommodate tenants looking to move to the area quickly. A representative for Tricera declined to divulge the amount the firm intends to spend for the work.
“We continue to be bullish on the office sector and believe much of the current noise about its post-pandemic challenges are overstated,” Tricera co-founder and managing principal Scott Sherman said in a statement.
“That is especially true in Palm Beach County, which is attracting much of the domestic and corporate migration and will continue to do so. Boca Raton is a top target for many relocating families and professionals,” Sherman added.
Outside of Boca Raton, the Miami-based real estate investment firm is nearing completion of The Press, a mixed-use redevelopment of the former Palm Beach Post headquarters in West Palm Beach.
Walker & Dunlop Investment Partners loaned approximately $13 million to finance the Boca Raton acquisition, a deal arranged by Mission Capital.
Douglas Mandell of Marcus & Millichap, who represented the seller, did not immediately respond to a request for comment.
