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Newmark arranged Ares financing for Related Ross's purchase of the 1.7M SF, 124-acre BRiC; the price is undisclosed. Floridian Development reports nearly $300M of financing and CP Group as seller.
BRiC / north Boca (former IBM campus) · Source: Newmark via PR Newswire
The March 10 ballot measure to lease downtown city land failed, and the city says the project will not move forward as proposed. A secondary source reports 74.5% voted no.
Downtown / Government campus (near Brightline) · Source: City of Boca Raton
The Boca Raton CRA approved on Feb. 9 the assignment of the Mizner Park ground leases from Brookfield to CP Group-led entities. It is a leasehold transfer; no closing or price has been reported.
Mizner Park / downtown · Source: AOL (syndicated)
The council approved the downtown government-campus redevelopment agreement 4-1 in January. Voters rejected the project at the March 10 referendum, so it will not proceed as proposed.
Downtown / Government campus (near Brightline) · Source: The Coastal Star · Verified: City of Boca Raton (myboca.us)
CP Group, with DRA Advisors, reported new leases and renewals including Modernizing Medicine (127,821 SF renewal) and Allstar Recruiting (42,697 SF new).
BRiC / north Boca (former IBM campus) · Source: CP Group via Business Wire
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