Boca office building sells to Boston developer for $11.5M
Three-story, Class B office building last sold for $6.9 million in 2013
February 29, 2016 03:45PMBy Katherine Kallergis
21301 Powerline Road in Boca Raton
A company tied to Boston developer Triad Group has picked up a Boca Raton office building for $11.5 million.
KAS Grove LLC, a Coral Gables firm tied to SF Partners and managed by Daniel Stuzin, sold the Class B building at 21301 Powerline Road.
TJAC Boca Grove, which is managed by Triad founder and principal Zvi Schwarzman, bought the Boca Grove Centre.
The three-story, 51,808-square-foot building was constructed in 1983 and sits on a 3.45-acre lot. Palm Beach County records show it last sold for $6.9 million in 2013, which means the seller made about $4.6 million in three years.
This most recent sale breaks down to about $222 per square foot for the building. The Triad affiliate financed the sale with an $8.6 million mortgage from SunTrust Bank.
Triad Group is a leasing, construction, acquisition and management company. With acquisitions, Triad targets regional shopping centers, mixed-use properties, redevelopment sites, and distressed, vacant or bankruptcy opportunities, according to its website. It also focuses on student housing and corporate apartments through its affiliate TJAC Development.
Stuzin is a founder and managing principal of SF Partners, a real estate investment firm based in Coral Gables.
Source: The Real Deal