Talanian picks Principal to finance Boca Raton office acquisitions
Boston-based C. Talanian Realty Co. has spent $59.75 million to acquire the 187,784 square foot Peninsula Executive Center in Boca Raton. The deal consists of two four-story office buildings and a 742-space parking structure located at 2381 and 2385 Executive Center Drive. The property is currently 97 percent leased and is anchored by Newell Brands. Holliday Fenoglio Fowler marketed the property on behalf of the seller, CDR Glades LLC, managed by Boca Raton investor Carl DeSantis, and procured the buyer a long-term, fixed-rate loan through Principal Real Estate Investors.
“This acquisition marks the first major investment in South Florida by C. Talanian Realty Co.,” said Senior Managing Director ChrisDrew, HFF. “The buyer was attracted this opportunity due to its 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.”