{"id":1004110709,"date":"2015-01-08T08:21:21","date_gmt":"2015-01-08T16:21:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004110709"},"modified":"2022-12-08T11:24:43","modified_gmt":"2022-12-08T19:24:43","slug":"crocker-partners-cornerstone-bringing-big-changes-to-boca-raton","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/crocker-partners-cornerstone-bringing-big-changes-to-boca-raton\/","title":{"rendered":"Crocker Partners, Cornerstone Bringing Big Changes to Boca Raton"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Boca-Center.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004110712\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/crocker-partners-cornerstone-bringing-big-changes-to-boca-raton\/boca-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Boca-Center.jpg\" data-orig-size=\"600,704\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;9&quot;,&quot;credit&quot;:&quot;Picasa&quot;,&quot;camera&quot;:&quot;NIKON D90&quot;,&quot;caption&quot;:&quot;????????????????????????????????????&quot;,&quot;created_timestamp&quot;:&quot;1370939746&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;18&quot;,&quot;iso&quot;:&quot;200&quot;,&quot;shutter_speed&quot;:&quot;0.003125&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Boca Center\" data-image-description=\"&lt;p&gt;????????????????????????????????????&lt;\/p&gt;\n\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Boca-Center.jpg?w=600\" class=\"alignright size-medium wp-image-1004110712\" alt=\"Boca Center\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Boca-Center.jpg\" width=\"255\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Boca-Center.jpg 600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Boca-Center.jpg?resize=256,300 256w\" sizes=\"auto, (max-width: 255px) 100vw, 255px\" \/><\/a><\/em><\/p>\n<p>Boca Center, a prominent 476,000-square-foot mixed-use property in Boca Raton, Fla., has just come under the ownership of Crocker Partners and Cornerstone Real Estate Advisers L.L.C.\u00a0 The partners acquired the 40-acre office and retail asset from TIAA-CREF for $194 million, and they have big changes in mind.<\/p>\n<p>It was a major purchase that doubled Crocker&#8217;s presence in Boca Raton, a city that has taken a high position on the real estate company&#8217;s radar over the last several months&#8211;and for good reason. Boca Raton continues to be one of the most vibrant and attractive suburban office markets in the United States; the current weakness in its market fundamentals is beginning to evaporate as tenant demand for new space accelerates,\u009d Angelo Bianco, partner with Crocker, told <em>Commercial Property Executive<\/em>.<\/p>\n<p>Setting a standard for suburban mixed-use developments with its opening in the mid-1980s, Boca Center features three premier office towers totaling 360,000 square feet and a 116,000-square-foot retail center. The property&#8217;s desirability in the market is evident; the office and retail segments are 91 percent and 98 percent leased, respectively. Excluded from the transaction is the 256-room <span style=\"text-decoration: underline\"><a href=\"https:\/\/www.commercialsearch.com\/news\/regions\/southeast\/carey-watermark-purchases-boca-raton-marriott-at-boca-center\/1004098485.html\">Boca Raton Marriott at Boca Center<\/a>,\u00a0<\/span>which was snapped up by Carey Watermark Investors\u00a0<span style=\"font-size: 13px\">for $57.7 million in June 2014.<\/span><\/p>\n<p>While Boca Center is already successful, Crocker and Cornerstone will take it to a new level with a transformation program designed to tap into the asset&#8217;s upside potential. The team plans to reposition it as a high-end office and retail center that will attract attention&#8211;and more tenants at higher lease rates&#8211;from across the region. The new ownership isn&#8217;t talking numbers, but it will make a substantial investment to achieve the goal. And when all is said and done, Crocker will maintain a hands-on involvement by serving as the property manager.<\/p>\n<p>The timing for such a project appears to be right. Boca Raton\u2019s office market posted the highest absorption in Palm Beach County by a wide margin in the third quarter of 2014, according to a report by commercial real estate services firm CBRE Group, and its retail market recorded the highest average asking lease rate, beating out Palm Beach by nearly $4 per square-foot.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crocker Partners and Cornerstone Real Estate Advisers have bought Boca Center in Boca Raton and they have big changes in mind.<\/p>\n","protected":false},"author":969,"featured_media":1004110712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21752,21742],"tags":[],"class_list":["post-1004110709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-mixed-use","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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