Crocker And Rialto Acquire 1.8M-Square-Foot Office Campus In Boca Raton
- Rialto is the commercial real estate management arm of Miami-based Lennar Corp.
- Crocker Partners, Rialto Capital and Siguler Guff formed a joint venture that acquired the Boca Raton Innovation Campus, a 1.8 million-SF office campus known as where IBM created the personal computer.
- The managing members of Boca T-Rex Borrower, the entity that owns the property, were recently changed to executives with Rialto when its mortgage was modified.
- Bank of America increased the loan from $71.3 million to $148 million.
- This gives, Boca Raton-based Crocker Partners, control of 2.9 million SF of office space in Boca Raton, accounting for about 25% of the city’s office market.
- “Boca Raton Innovation Campus is an important economic contributor to the city and a solid fit for our portfolio,” said Crocker Partners Managing Partner Angelo Bianco. “As long-term owners, we intend to see that BRIC is well positioned to attract a new generation of companies.”