Mainstreet Picks Up North 40 Office Buildings

Written by on July 24, 2014 in Done Deals, News - No comments

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.

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