{"id":1004553182,"date":"2021-10-08T05:51:20","date_gmt":"2021-10-08T13:51:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004553182"},"modified":"2022-12-08T15:58:15","modified_gmt":"2022-12-08T23:58:15","slug":"ip-capital-jv-pays-77m-for-boca-raton-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ip-capital-jv-pays-77m-for-boca-raton-campus\/","title":{"rendered":"IP Capital JV Pays $77M for Boca Raton Campus"},"content":{"rendered":"
\"\"<\/a>

Fountain Square<\/p><\/div>\n

A partnership between Bridge Investment Group and Ascentris has sold Fountain Square, a 242,690-square-foot Class A office campus in Boca Raton, Fla., for $77.3 million, Palm Beach County records show. The buyer was another joint venture, a partnership between IP Capital Partners and Edge Principal Advisors.<\/p>\n

JLL Capital Markets arranged the $56.5 million financing package originated by CIBC Bank USA. The loan carries a variable interest rate.<\/p>\n

The office campus last traded in December 2017, when the current sellers paid $54.5 million for Fountain Square, CommercialEdge data shows. The joint venture funded that purchase with a $42 million financing package provided by Principal Financial Group.<\/p>\n

Capital improvements<\/h2>\n

The four-story buildings sit on nearly 15 acres at 2600-2700 N. Military Trail. The three-building complex was completed in 1998, but underwent thorough renovations in 2015, according to CommercialEdge. After the 2017 acquisition, Bridge Investment Group and Ascentris also implemented a $6.1 million capital improvements plan.<\/p>\n

The most recent renovation program included plans to upgrade the lobbies, enlarge the common areas as well as to build an outdoor collaborative space and additional spec suites.<\/p>\n

Fountain Square features floorplates between 18,250 and 23,250 square feet, above-standard ceiling heights and a parking ratio of 3.50 spaces per 1,000 square feet. The tenant list includes Stifel, IDI Holdings, Shendell & Pollock and ORBCOMM, among others.<\/p>\n

\"\"<\/a>

Fountain Square. Image courtesy of JLL Capital Markets<\/p><\/div>\n

The low-rise is less than 3 miles from Boca Raton Airport, within the West Boca Raton submarket, offering easy access to Interstate 95. The submarket has shown robust rent growth, a 50 percent increase between 2011 and the first quarter of 2021, according to JLL research.<\/p>\n

The JLL Capital Markets team included Senior Managing Director Chris Drew, Director Maxx Carney and Associates Reid Carleton and Jimmy Calvo. In September, Drew also led a JLL team that arranged the disposition of 1905 Medical Center<\/a>, a 102,186-square-foot property in Boca Raton.<\/p>\n","protected":false},"excerpt":{"rendered":"

The property last traded in 2017, for $54.5 million. <\/p>\n","protected":false},"author":1763,"featured_media":1004553187,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1492,21742,21747],"tags":[34987,43553,44945,43898,44006],"class_list":["post-1004553182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-miami","category-latest","category-office","tag-ascentris","tag-bridge-investment-group","tag-cibc-bank","tag-ip-capital-partners","tag-jll-capital-markets"],"acf":[],"yoast_head":"\nIP Capital JV Pays $77M for Boca Raton Campus - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ip-capital-jv-pays-77m-for-boca-raton-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IP Capital JV Pays $77M for Boca Raton Campus\" \/>\n<meta property=\"og:description\" content=\"The property last traded in 2017, for $54.5 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ip-capital-jv-pays-77m-for-boca-raton-campus\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-08T13:51:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:58:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/Fountain-Square-e1633613198347.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"980\" \/>\n\t<meta property=\"og:image:height\" content=\"735\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Agota Felhazi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ip-capital-jv-pays-77m-for-boca-raton-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ip-capital-jv-pays-77m-for-boca-raton-campus\/\",\"name\":\"IP Capital JV Pays $77M for Boca Raton Campus - 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