Schmier Buys Mixed-Use Property Near Town Center at Boca Raton Mall

Schmier Property Group paid $32 million for a mixed-use property, anchored by a Cheesecake Factory restaurant, near the Town Center at Boca Raton shopping mall in South Florida.

The 6.5-acre property is home to a six-story, 71,865-square-foot office building, where Flagstar Bank is the main tenant, and a 14,204-square-foot restaurant building. Both buildings were completed in 1980.

They’re located at 5550 W Glades Road, next to the intersection with Butts Road, just northeast of Simon Property’s 1.7 million-square-foot mall. Josh Wade of Flagship Partners brokered the off-market transaction. 

The seller, an entity tied to the West Palm Beach-based Karl Company, purchased the property for $13.5 million in 2001, according to property records. A representative for Karl Company could not be reached for comment, while a spokesperson for Boca Raton-based Schmier Property Group did not immediately respond to a request for comment.

The area has seen a number of development plans and sales, though not all have been so successful. In July, KBS, the U.S.-based asset manager of Singapore-based Prime U.S. REIT, sold a nearby office building for $82 million — about $18 million less than its previous sale price four years ago. 

In major development news, BH Group and Pebb Enterprises plan to turn Office Depot’s office campus in Boca Raton into a mixed-use property with a 500-unit apartment building and 42,000 square feet of retail space.

Julia Echikson can be reached at jechikson@commercialobserver.com.