Tag Archive for: mainstreet capital partners

Tenant Makes Long-Term Boca Raton Office Commitment

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A confidential tenant has leased 24,653 square feet of office space at 5201 Congress Avenue in Boca Raton.

The triple-net lease carries a 130-month term, giving landlord Mainstreet Capital Partners a long-term tenant commitment at the property. The lease rate was reported at $28 per square foot.

Joseph Freitas of CBRE represented Mainstreet Capital Partners in the negotiations. The tenant was represented by Greg Katz, Carlyle Coffin and Dean Katz of Stream Realty Partners.

The transaction closed May 20, 2026, according to Traded.

Key Facts

  • Property: 5201 Congress Avenue, Boca Raton
  • Space leased: 24,653 square feet
  • Tenant: Confidential
  • Landlord: Mainstreet Capital Partners
  • Lease structure: Triple net
  • Lease term: 130 months
  • Reported rate: $28 per square foot
  • Landlord representative: Joseph Freitas, CBRE
  • Tenant representatives: Greg Katz, Carlyle Coffin and Dean Katz, Stream Realty Partners
  • Closing date: May 20, 2026

Boca Office Building Goes Under Contract For $24 Million

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Less than three years ago, Mainstreet Capital Partners and Davis Cos. paid $28.3 million for two office properties and vacant land in Boca Raton.

Now the firms stand to recoup most of that money by selling just one of the assets – a five-story office building at 900 Broken Sound Pkwy NW.

The 115,986-square-foot building is under contract for $24 million, CoStar reported.

The buyer is an institutional investor affiliated with the NAI / Merin Hunter Codman in West Palm Beach, according to a person involved in the negotiations.

The other assets in the $28.3 million portfolio were 5500 Broken Sound Blvd. NW and a nine-acre parcel.

The building at 900 Broken Sound Pky once housed Nokia and Siemens. It’s now 80 percent leased to three tenants: CSL Plasma, Geosyntec Consultants and Score at the Top.

Peter Reed, a Palm Beach County office broker not involved in the sale, said the transaction is part of a trend in which landlords are cashing out more quickly than they have in the past. He noted that recent owners of the Esperante and CityPlace Tower office buildings in West Palm Beach also have sold those properties after only a few years.

“That’s become more the mindset of owners,” said Reed, with Commercial Florida Realty Services in Boca Raton. “Owners aren’t necessarily holding on for five, seven, 10 years anymore.”

900 Broken Sound Pky was built in 1989 in what was then known as the Arvida Park of Commerce, a 700-acre corporate business park. It has since been renamed The Park at Broken Sound as part of a rebranding that also included a rezoning that cleared the way for retail and residential. The additional uses make the park more attractive to investors, brokers say.

“The [rezoning] has been a big driver in value,” said Brady Titcomb, a broker with JLL. “Now there’s a whole neighborhood that you didn’t have before.”

 

Source:  CoStar

Envision Uptown Looks to Future of Cypress Creek

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The SFOBA meeting for March was hosted by Mainstreet Partners, owners of Trade Center South  at 200 W. Cypress Creek Road, one of the premier buildings in Fort Lauderdale’s Cypress Creek or uptown submarket. Mainstreet is represented by Greg Martin and Peyton Moore of Avison Young. The partial relocation of law firm Greenspoon Marder has left Trade Center South with approximately 60,000 SF to backfill. The latest market info on Cypress Creek shows vacancies at 16.9 percent, down 140 basis points over the past 12 months. However, the Cypress Creek Class-A market has had -35,000 SF of absorption so far in 2015.

Our guest speaker for March was Cary Goldberg, President of Diversified Realty Investments. Carycary goldberg sfoba was responsible for the development of Uptown Centre, a 19,000 sf retail center on the former Steak and Ale site at 6300 N. Andrews Avenue. Cary is also President of Envision Uptown, a newly formed group working to transform the area around Fort Lauderdale Executive Airport into a progressive urban village, where people can work, play and rely less on their cars and more on alternative forms of transportation. Envision Uptown is a non-profit public-private partnership. It was created out of Cary’s concern that the City was focused on the Downtown and the Beaches but nothing was being done to improve the uptown market that provided homes for such companies as Citrix and Microsoft. One of the early successes of Envision Uptown in the Uptown Link, a free shuttle service connecting Tri-rail to the area’s office parks and restaurants, and allowing workers to grab a bite without having to get in their cars.

The uptown market as defined by Envision Uptown includes the area from Commercial Boulevard to McNab Road from I-95 to NW. 31st Ave. and also includes the Radice Corporate Center just east of I-95 at Cypress. The market contains two I-95 exits, a tri-rail station, and the second busiest general aviation airport in the US. As part of the future I-95 expansion, Cypress Creek will be one of the limited exits for the expanded toll lanes. Large parcels of land in the area are still available for development and plans for 600 new residential units in the works. Both the MPO (Metropolitan Planning Organization) and DOT (Department of Transportation) have offices in the Cypress Creek area, and are therefore aware of the need to update the transportation infrastructure in the uptown market. It is a key factor that the MPO on the Federal level and DOT on the State level are willing to fund road improvements to create a sustainable community for the future.

Following a public forum on the subject, the Urban Land Institute (ULI) devised a plan (you can download it here) with a 20 to 30 year vision to create a sustainable walkable community. They envision a four- lane central boulevard with enough capacity to handle the current traffic along Cypress Creek Road, with shaded single lane roads on either side to access the businesses along the street. Additional parking structures would also be constructed.

Plans are also in the works to create a soccer academy near Lockhart Stadium which is the current home of the Fort Lauderdale Strikers. The fate of the proposed Schlitterbahn Waterpark on the Fort Lauderdale Baseball Stadium site stadium site remains uncertain.

While the western submarkets of Broward County exploded in the late 90s and early 2000’s, and we have seen a more recent residential boom in downtown Fort Lauderdale. The uptown market has remained relatively quiet as it pertains to new development. Those of us who are stakeholders in the uptown market are excited about the prospect of creating a sustainable urban village in the emergence of envision uptown is a major step in that direction.

Avison Young Wins Leasing Assignment For The North 40

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Avison Young was awarded the exclusive leasing assignment of “North 40,” a 350,616-square-foot two-building complex recently acquired by Mainstreet Capital Partners Inc. and Carval Investors in the largest investment sale transaction to date in Palm Beach County in 2014.

Located at 901 Yamato Road and 5201 Congress Avenue in Boca Raton, North 40 is comprised of two class B buildings with a total of 350,616 square feet that have direct access to Interstate 95. The property will undergo a $2 million destination rebranding, positioning its buildings as unique, campus-like offerings in the market. Emphasizing its expansive floor plate design and open atrium amenities, renovations will include the implementation of collaborative spaces, natural light, soft seating, and Wi-Fi.

“Our team was selected to represent ownership in the marketing and leasing initiatives due to our in-depth knowledge and proactive approach within the market as well as our deal creativity, which has resulted in some of the largest transactions completed in South Florida,” said Keith O’Donnell, Principal with Avison Young’s Boca Raton office.

O’Donnell, along with his team Gary Gottlieb, Principal, and Jonathan Senn, Associate, will initiate a North Boca-centric leasing and marketing strategy.

According to second quarter 2014 office market reports, the financial services, healthcare and technology sectors are leading office demand and lease transactions in Palm Beach County, contributing to steadily decreasing vacancy rates.

“Taking advantage of the new mixed-use environment that is fueling the resurgence of the Arvida Park of Commerce (APOC) area, the area’s office market is thriving with a number of companies expanding and total vacancy seeing a decrease,” according to Gottlieb. “North 40 is one of the only office campuses which offers quality blocks of office space currently available for lease for large-scale tenants seeking efficient and collaborative spaces.”

Bringing valuable expertise in these industries to the North 40 leasing project, O’Donnell is an established “placemaker” in Boca Raton and co-founder of MedUTech, a community-led initiative to showcase success, innovation and growth in healthcare, education and technology in the area. In addition, he co-authored the groundbreaking Planned Mobility overlay district for the northwest sector along with Jamie Danburg of Danburg Management.

“The activity level we are seeing at North 40 is validated by over 220,000 square feet of absorption in the first half of this year,” continued O’Donnell.

Mainstreet Picks Up North 40 Office Buildings

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A pair of office buildings in Boca Raton were acquired at a 44-percent discount to their previous sale.

TIAA took a hit on both properties.

After paying $62.15 million the North 40 pair in 2006, it sold the office buildings at 5201 Congress Ave. and 901 W. Yamato Road for a combined $35 million.

They were acquired by Mainstreet CV North 40 LLC, an affiliate of Fort Lauderdale-based Mainstreet Capital Partners, led by Paul J. Kilgallon. Bank of America provided a $26 million mortgage to the buyer.

According to Mainstreet Capital Partners’ website, it owns more than 6.2 million square feet of offices across the country.

The building on Congress Avenue totals 222,136 square feet on 17.1 acres. An online listing says 101,316 square feet is available for lease there with an asking rate of $13.50 per square foot.

Sitting on 10 acres, the building on West Yamato Road totals 160,817 square feet. According to an online listing, it has 12,500 square feet available for lease with an asking rate of $13.50 per square foot. The building was formerly the headquarters of Medical Staffing Network, which was recently acquired by Cross Country Healthcare.