Malcolm Butters, 950 Peninsula Corporate Circle in Boca Raton Peninsula Corporate Center last sold for $9M in 2017

TRD New York /
January 24, 2020 11:37 AM
By Keith Larsen

https://therealdeal.com/miami/2020/01/24/butters-buys-boca-raton-office-building/

 

A company tied to Butters Construction & Development bought a Boca Raton office building for $13 million.

Butters Construction & Development, led by CEO Malcolm Butters, bought the 47,585-square-foot Class A office building at 950 Peninsula Corporate Circle for $273 per square foot, according to a press release from Marcus & Millichap. D’Arcy Realty, LLC, which lists the same address as Pentaurus Properties, a real estate investment and management company based in Mountainside, New Jersey, purchased the property.

Marcus & Millichap’s Douglas K. Mandel and Tyler Kuhlman represented the seller, D’Arcy Realty, LLC in the deal. The property, called Peninsula Corporate Center, last sold for $8.9 million in 2017, records show.

D’Arcy Realty, LLC upgraded the building and boosted occupancy to 94 percent, according to the release. Butters plans to make lobby upgrades and add more first-class amenities, and will lease and manage the property.

Peninsula Corporate Center’s tenants include National Council on Compensation Insurance, US Foods, SBA Communications Corp. and CubeSmart. The building is next to the proposed Boca Ice & Fine Arts Center, a 72,810-square-foot mixed-use property with an ice-skating rink. Butters Construction & Development, a real estate development and brokerage firm, owns and manages 3 million square feet of properties, according to its website.

The company is particularly active in South Florida’s industrial market. Butters Construction & Development and a BlackRock fund are planning a new industrial complex in Tamarac on a 22-acre site at the corner of North Hiatus Road and West McNab Road.