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Affiliates of Titan General Partners have sold a three-building office and retail portfolio in Boca Raton for a combined $92.75 million. According to the report, the properties were approximately 90% occupied at the time of sale. The buyer of the portfolio is the Berritto Family Office, and RARE CRE brokered the transactions.
The largest asset in the portfolio is the Boardwalk, a 130,346-square-foot property located at 6885 S.W. 18th St., west of Boca Raton. Boca Wharfside, an affiliate of Titan General Partners, sold the property for $43 million. The Boardwalk was developed in 1986 on a 10-acre site and is leased to a mix of retail and service tenants. Named occupiers at the property include BurgerFi, Dunkin’, Rafina Greek Taverna, Holloway’s Irish, Women’s Health Partners and Quest Diagnostics.
A second Titan affiliate sold City National Bank Plaza at 7000 W. Palmetto Park Road for $33.7 million. The building totals 126,930 square feet and is part of the same Boca Raton portfolio traded to the Berritto Family Office. The property was included in the overall portfolio occupancy level of about 90%, although specific tenant details beyond the named bank are not provided in the report.
The third property in the transaction is Grove Centre, a 58,939-square-foot building at 21301 Powerline Road. A group affiliated with Titan General Partners sold the asset for $16.05 million. Grove Centre was constructed in 1983 on a 3.46-acre site. As with the other buildings, Grove Centre forms part of the mixed office and retail portfolio that changed hands in this portfolio sale.
Collectively, the three assets illustrate ongoing investor interest in multi-building office and retail portfolios in Boca Raton, particularly those with high occupancy and established tenant rosters. The transaction also highlights the role of family office capital in acquiring stabilized commercial real estate, with RARE CRE facilitating the process as the brokerage firm on the deals.
The post Titan General Partners Sells Three Boca Raton Office/Retail Assets for $92.75 Million appeared first on CRE Market Beat.
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