{"id":11612,"date":"2017-07-21T11:39:32","date_gmt":"2017-07-21T11:39:32","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=11612"},"modified":"2026-04-07T15:21:27","modified_gmt":"2026-04-07T12:21:27","slug":"morning-calm-dishes-39m-boca-raton-office","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/morning-calm-dishes-39m-boca-raton-office\/","title":{"rendered":"Morning Calm Dishes Out $39M on Boca Raton Office Asset"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>Morning Calm Management\u2013a Florida-based real estate investment and management firm with over 5 million square feet of commercial real estate throughout the U.S.\u2013has acquired the four-story office building at <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/fl\/boca-raton\/stonegate-bank-plaza\/\" target=\"_blank\" rel=\"noopener\">301 Yamato Road<\/a> in Boca Raton, Fla., in a $39 million deal brokered by Marcus &amp; Millichap.<\/p>\n<p>\u201cThe asset\u2019s historically stable tenancy and premier location between downtown Boca Raton and Delray Beach, combined with its attractive, iconic architectural features including a reflective glass facade and soaring atrium lobby, drew a great deal of attention from investors and the bidding process was very competitive,\u201d said Senior Managing Director Douglas Mandel.<\/p>\n<p>Completed in 1987, the building has a naturally lit atrium lobby, glass curtain walls and is connected to a five-story parking garage through an air-conditioned bridge.<\/p>\n<div id=\"su_slider_6a05fc352993b\" class=\"su-slider su-slider-centered su-slider-pages-yes su-slider-responsive-yes\" style=\"width:100%\" data-autoplay=\"0\" data-speed=\"0\" data-mousewheel=\"true\"><div class=\"su-slider-slides\"><div class=\"su-slider-slide\"><a><img decoding=\"async\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/07\/Boca-Conference-Executive-Center-2.jpg\" alt=\"Boca Conference &#038; Executive Center\" \/><\/a><\/div><div class=\"su-slider-slide\"><a><img decoding=\"async\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/07\/Boca-Conference-Executive-Center-1.jpg\" alt=\"Boca Conference &#038; Executive Center 1\" \/><\/a><\/div><div class=\"su-slider-slide\"><a><img decoding=\"async\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/07\/Boca-Conference-Executive-Center-3.jpg\" alt=\"Boca Conference &#038; Executive Center\" \/><\/a><\/div><div class=\"su-slider-slide\"><a><img decoding=\"async\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/07\/Boca-Conference-Executive-Center-4.jpg\" alt=\"Boca Conference &#038; Executive Center 4\" \/><\/a><\/div><\/div><div class=\"su-slider-nav\"><div class=\"su-slider-direction\"><span class=\"su-slider-prev\"><\/span><span class=\"su-slider-next\"><\/span><\/div><div class=\"su-slider-pagination\"><\/div><\/div><\/div>\n<p>The property\u2019s previous owner, Stoltz Realty, obtained $188 per square foot for the Boca Conference &amp; Executive Center, a 41% gain from its last sale. In 2015, when the property was facing a foreclosure lawsuit, the company resolved to refinance the debt through an internal transfer worth <a href=\"https:\/\/www.bizjournals.com\/southflorida\/news\/2017\/07\/20\/boca-raton-office-building-sells-for-39m-a-41-gain.html\" target=\"_blank\" rel=\"noopener\">$27.6 million<\/a>.<\/p>\n<p>Now, Morning Calm plans to reposition the 206,946-square-foot-Boca Raton office building. Although boasting a healthy 92% occupancy rate\u2013with tenants including TDL, Bridge Direct, Seeman Holtz and Client First Settlement Funding\u2013the property\u2019s lease rates are 10 to 15 percent below-market, something that its new owner is looking forward to adjust. As part of a \u201cbuy it, fix it, sell it\u201d plan, the company also secured a <a href=\"https:\/\/therealdeal.com\/miami\/2017\/07\/20\/morning-calm-pays-39m-for-boca-raton-office-building\/\" target=\"_blank\" rel=\"noopener\">$29.5 million loan<\/a> with Allegiance Real Estate Capital.<\/p>\n<p>The deal is just one of several recent moves on the <a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/fl\/boca-raton\/\" target=\"_blank\" rel=\"noopener\">Boca Raton office market<\/a>, which included the sale of Sabre Centre I, The Atrium at Broken Sound and URS Corporate Center. \u201cBoca Raton continues to be a highly sought after submarket for the private client investor due to its prestige and strong underlying fundamentals,\u201d said Marcus &amp; Millichap\u2019s C. Todd Everett.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Morning Calm Management\u2013a Florida-based real estate investment and management firm with over 5 million square feet of commercial real estate throughout the U.S.\u2013has acquired the four-story office building at 301 Yamato Road in Boca Raton, Fla., in a $39 million deal brokered by Marcus &amp; Millichap. \u201cThe asset\u2019s historically stable tenancy and premier location&hellip;<\/p>\n","protected":false},"author":56,"featured_media":11626,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37,38,39],"tags":[878],"class_list":["post-11612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-office","tag-cre-term-asset","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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