Allen Chelminsky has acquired a 137,021-s.f. office building in Boca Raton, Fla., from Keystone Property Group for $29.15M.
Property: Office building
Price: $29.15M
Seller: Keystone Property Group
Buyer: Allen Chelminsky
Located at 1200 Corporate Place, the property is at the intersection of Glades Road and Federal Highway/U.S. Route 1 — a gateway corridor that connects downtown Boca Raton with the greater Palm Beach County region.
“Strategically located at one of the most visible intersections in Boca Raton, the property benefits from a daily traffic count exceeding 50,000 vehicles, providing invaluable exposure to its diverse tenant mix,” said Douglas Mandel, executive managing director of investments at Institutional Property Advisors, who represented the seller.
The building is surrounded by several residential communities and is near the airport and the Brightline Boca Raton Station, which offers high-speed rail service to Miami, Fort Lauderdale, West Palm Beach and Orlando.
It’s also just half a mile from Mizner Park, the city’s open-air retail center featuring shopping, dining and events.
“The building was 84% leased at the time of sale, and with approximately 40% of the rentable square footage set to roll over in the next four years, new ownership has a compelling opportunity to drive significant net-operating income growth over the next decade,” said Mandel.
Built in 1984, the property underwent renovations in 2024 that included a modernized lobby, resurfaced parking lot and new landscaping.
Amenities include a two-story parking garage and a full-service café that caters to tenants and visitors.
“The property’s premier East Boca location and its below-market rents made this an attractive property for the buyer,” said Mandel. “This transaction highlights sustained investor interest in well-located, institutional-quality office assets in dynamic South Florida submarkets like Boca Raton.”
