Crocker Partners, along with JV partner Wheelock Street Capital of Boston, acquired the 277k SF One Boca Place in Boca Raton for $76M from a Tallahassee-based entity led by investor Ron Ragsdale. It’s the second time that Crocker has owned the building—it had it back in the mid-'90s—and Crocker managing partner Tom Crocker says that he’s certain enough of the future of the office market to know that the building has a lot of upside. It also helps that the company knows the asset and its market in great detail, he adds.
Located on Glades Road between I-95 and the Florida Turnpike and near Town Center Mall, One Boca Place is currently 81% leased, including to lead tenants Proskauer Rose, Regus, and Raymond James. The deal puts Crocker Partners’ Florida holdings at 5.2M SF, with 2.4M SF in South Florida. The company also has a major presence in Jacksonville, where it recently launched a rebranding and improvement program for the 752k SF Prominence office park.
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