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Boca Raton News!

Cashflow In Miami
January 16, 2022

5801 and 5805 Northeast Seventh Avenue and 690 Jeffery Street, Boca Raton

New Boca 10 unit- development being launched. The 10-unit development, called Enclave at Boca Harbour, is planned for the property at 5801 and 5805 Northeast Seventh Avenue and 690 Jeffery Street. Property records show an affiliate of Mizner Development, led by Avi Stern, paid close to $2.2 million for the assemblage of land in early 2020. Boca Raton houses range in price from nearly $1.6 million to $1.9 million, and from 2,516 square feet to 3,232 square feet. They will have two-car garages and pools.

Construction is expected to begin very soon and be completed by December of this year.

20150 S. State Road 7, expanding east to Lyons Road, Boca Raton

GL Homes wants to build 679 single-family homes on a swath of farmland it recently acquired west of A GL Homes affiliate acquired this property for $170 million in December. It also bought a neighboring site of 71.5 acres for $45 million, but this application doesn’t cover the latter property.

The site plan by GL Homes shows the new community would have 102.9 acres of open space, including 56.2 acres of lakes and 7.2 acres for recreation. There would be entrances on both Lyons Road and State Road 7. Boca Raton. The developer’s traffic study said the project would generate 6,790 daily vehicle trips.

5901 Broken Sound Pkwy NW, Boca Raton, FL 33487

One of the largest office  parks deals of the year IBM Boca sells for $320 million!

This is the place were PC was born, by the way!!! Boca Raton Innovation Campus, one of the largest office parks in Florida, was sold for $320 million!

The 123-acre property, at 5000 T-Rex Ave., was once an IBM research hub where the first personal computer was developed. Now, it’s a multitenant center home to companies such as Modernizing Medicine, MDVIP, Baptist Health South Florida and Canon Solutions America.

Boca T-Rex Borrower LLC, managed by Angelo Bianco as managing partner of Boca Raton-based CP Group and representing joint venture partners Rialto Capital and Siguler Guff, sold the 1.7 million-square-foot office park to G&I X BRIC Fee Owner LLC, in care of New York-based DRA Advisors. Bianco said that CP Group and Rialto Capital are still co-owners of the property, with DRA Advisors as a new partner, so one of the original partners is no longer in the deal.

The $289.25 million mortgage from Bank of America was signed by a DRA Advisors executive, but the address of the buying LLC in state records was the same as CP Group’s headquarters.

CP Group, Rialto Capital and Siguler Guff announced the acquisition of BRIC in 2018, although the price wasn’t disclosed at the time because it was done through an LLC merger, not a deed. The last on-record trade of the property was for $192.7 million in 2005. It was developed in 1971. Plans  are to rezone the BRIC site for mixed-use development, including multifamily, retail, a grocery store, a hotel and medical office. The office space is to remain.

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