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Spanish River Plaza, a 56,034 SF office and retail complex in Boca Raton, sells for $12.65 million

Colliers South Florida Investment Services Team represented the seller in the transaction

BOCA RATON, FL, February 23, 2022 – A California buyer, Brickstar Capital, has closed on the acquisition of Spanish River Plaza, located at 500 NE Spanish River Boulevard in Boca Raton. Executive Managing Director Mark M. Rubin and Director Bastian Laggerbauer of Colliers | South Florida Investment Services Team represented the seller, Chart Organization, a real estate investment and management company based in Lynbrook, NY, in the transaction totaling $12.65 million. 

“The South Florida investment market continues to achieve record pricing as opportunities to acquire solid performing properties in highly desirable locations become more limited,” said Rubin. “Investor demand remains strong and is fueled by the rising rental rates and continued low financing which captivates interest from investor groups from all over the country.”

The 56,034-square-foot office and retail complex is situated on nearly 4.5 acres directly at the intersection of South Federal Highway and Northeast Spanish River Boulevard and one block away from North Dixie Highway. The complex benefits from the newly enhanced Spanish River interchange and the potential for additional development in the future.

“The buyer has experience aquiring similar mixed-use assets and has a creative repositioning strategy planned for the complex that will appeal to the affluent demographics in Boca Raton,” said Laggerbauer. 

 

South Florida’s growing population and accelerated pandemic recovery continues to push rental rates and capture the attention of investors. Mixed-use investors are particularly attracted to Boca Raton’s affluent population, having an average household income of nearly $124,000. This has led to record sale pricing and volume in Boca Raton, with office sale volume reaching $926.5 million for the year of 2021. The average sales price for office space is currently $300 per square foot and over $330 per square foot for retail space. Additionally, the average rental rate for office space in Boca Raton has increased 6.6 percent year-over-year while the average rental rate for retail space has increased 10.2 percent year-over-year.


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Mark M. Rubin

Executive Managing Director

Boca Raton

I am an Executive Managing Director at Colliers International and senior member of the South Florida Investment Services Team primarily focused on the sales and leasing of commercial properties in South Florida.  For over 30 years I have successfully worked with clients to meet their commercial real estate needs. Whether buying, selling, leasing or financing real estate assets, I am consultative and client-centric, creatively structuring transactions and strategies to meet my client’s investment objectives. With involvement in over $3 billion of transactions across all asset classes, I have worked with investors of all types including institutional investors, high net worth private clients, developers and financial institutions in South Florida.

Prior to joining Colliers, I  served as a Principal of Avison Young and member of its Florida Capital Markets team. Prior to that, I  held senior leadership positions with Newmark Knight Frank, Amerivest Group, Savills Studley and JLL.

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Bastian Laggerbauer

Director

West Palm Beach

As a Director, my focus is primarily on investment sales and providing the highest level of service to my clients throughout the South Florida region. I am proficient in valuating assets of all property types and implementing financial analysis through Argus Enterprise and Excel. During my tenure at Colliers international, I have been involved in deals exceeding a combined value of $350 Million. I have also engaged in select landlord representation, which has only enhanced my experience and ability to fully valuate and transact both income-producing and distressed assets.

My professional accomplishments include researching and analyzing historic and current data for the retail, office and industrial sectors in each submarket and creating individual, detailed reports for all three sectors in the tri-county area of South Florida.  I also earned my Argus Enterprise certification to further enhance my skills, while earning my Bachelor’s Degree in International Business from Northwood University in 2015 and my Master of Science in International Real Estate from Florida International University in 2016. 

I was born in Munich, Germany, where I have family ties to Colliers International. My family founded the Munich office and I subsequently completed an internship before moving to the USA. My time in the Munich office only made me eager to further my experience in the industry and drove my decision to move to Florida to pursue my degrees, while working in the Palm Beach Gardens office. 

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