Butters Construction & Development and PEBB Enterprises acquired two office buildings in Boca Raton for $26.15 million.
The two multi-tenant office buildings total 59,667 square feet and are currently 75% occupied.
Butters and PEBB plan to enhance the buildings through strategic upgrades and repositioning efforts designed to attract new tenants.
Butters has built more than 28 million square feet of commercial real estate valued at over $5 billion during its 36-year history. Over the past decade, PEBB has completed more than 5 million square feet of transactions representing more than $3 billion in value.
Abanca provided acquisition financing for the transaction.Â
Douglas Mandel of Marcus & Millichap’s Institutional Property Advisors division, along with Zach Levine and Cody Hershey, brokered the sale on behalf of the seller, BOA 520 LLC. Christopher Staller of Nelson Mullins Riley & Scarborough LLP represented the buyers in the transaction.
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