Boca Raton, FL, US, Americas

North 40

Portfolio description

Jones Lang LaSalle (“JLL”) is pleased to exclusively offer the opportunity to acquire North 40 (the “Portfolio”, “Property” or the “Buildings”), a two-building, multi-tenant office portfolio located in the highly coveted Park at Broken Sound in Boca Raton, Florida. North 40 is located in a thriving mixed-use corporate park, which has added numerous dining and lifestyle options for the park’s tenants as a result of recently improved zoning. The Portfolio’s quality tenancy, major roadway access and adjacent new luxury residential projects make North 40 an exceptional value-add investment.

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Attributes

Building area net

33,004 m²

Occupancy

76%

Year built

1983

Land area gross

4 m²

North 40 (2 Properties)

Media

Investment Highlights

Tremendous Upside Opportunity

The Portfolio is 77.0% leased offering significant value enhancement via lease-up of available suites.

Critical Mass Office Portfolio in Thriving Business Hub

Two building portfolio totaling 355,247 SF on more than 23 acres in the heart of Boca Raton. North 40 offers a 4.1/1,000 SF parking ratio, including 544 dedicated and/or shared structured spaces in the adjacent Ceru Apartments garage.

30% Mark-to -Market On In-Place Leases

Due to strong rent growth across Boca Raton in recent years this Property offers a significant 30% mark-to-market opportunity on in-place leases.

Highly Desireable Open Space Floor Plans

Buildings’ horizontal layout with 75,000 to 100,000 SF floor plate organized into 20,000 to 25,000 SF pods offers functional and modern buildouts.

Rare, Large & Renovated Common Areas

Naturally lit atrium spaces have been extensively renovated since 2018 and offer highly sought after collaboration and gathering spaces.

Live, Work, Play Environment

Recently allowed additional uses have enabled The Park at Broken Sound to experience a retail and residential renaissance, with 2,500 new luxury residential units. Additionally, the City of Boca Raton is now allowing both general office and medical office uses in LIRP zoning.

Copious Walkable Amenities

There are over 35 restaurants within a 1 mile radius of the Property including the adjacent and recently developed Park Place shopping center home to tenants such as Fresh Market, Burton’s Bar and Grill, Fresh Kitchen, and Chipotle.

Excellent Visibility

The Property benefits from frontage on Yamato Road, a major east west thoroughfare in Boca Raton with 53,000+ vehicles per day.

Immediate Highway Access and Superb Connectivity

Located less than half a mile from Interstate 95 and the Tri-Rail Commuter Train Station, the Buildings provide easy access to the entire South Florida Tri-County area.