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JPMorgan Buys South Florida Office Complex for $63.5M
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JPMorgan Buys South Florida Office Complex for $63.5M
Triple Net Properties Sells 242,000-SF Fountain Square Campus in Boca Raton
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JPMorgan Chase has acquired the Fountain Square complex in Boca Raton, FL, from Santa Ana, CA-based Triple Net Properties LLC for $63.5 million, or about $262 per square foot. The deal closed late last month.
The Class A office complex totals 242,114 square feet on a 15-acre campus in the Glades Road area of Boca Raton. It was developed between 1989 and 1999 and is comprised of three four-story buildings at 2600, 2650 and 2700 N. Military Trail.
The campus was 82% leased at the time of sale to tenants including JVB Financial Group, EMC Corp., Ryan Beck & Co., and Rutherford Mulhall, P.A.
Jay Caplin of Cushman & Wakefield represented both parties in the deal.
Triple Net, a subsidiary of NNN Realty Advisors, acquired the complex in 2004 for $50 million, according to CoStar information. |
Posted date : (2007-07-05) |
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