Boca’s Economic Development Report

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By: Jessica Del Vecchio Economic Development Manager Special to the Boca and Delray newspapers

Boca Business Briefs

The 93,260-square-foot building that sits on 8 acres at 6111 N. Broken Sound Parkway sold for $21.4 million, equating to $229 per square foot. The property last traded in 2016 for $17.05 million.

The 102-unit property at 1202 and 1300 Southwest First Ave., and 1150 Southwest Second Ave. sold for $16.8 million – equating to $165,000 per unit.

The 50,000-square-foot, three-story office building at 1095 NW Broken Sound Parkway, in the Park at Broken Sound, sold for $10 million.

Miami Grill moved its headquarters from Ft. Lauderdale to Boca Raton. The franchise, which has a key investment from the rapper Pitbull has reported sales increases of 14.2 percent and 10.2 percent for the first and second quarter of 2018. Their new space will include a test kitchen.

The office building at 7001 N. Federal Highway, that sits on 1.4 acres, sold for $3 million.

The 30,683-square-foot Winfield Plaza that sits on 2.8 acres at 515 Northeast 20th Street sold for $13.1 million, equating to $427 per square foot. At the time of the transaction, the property was 93 percent occupied.

Based in Beverly Hills, luxury real estate firm, The Agency, has selected Boca Raton for its first South Florida location. The 6,700-square-foot office will include the Agency Development Group and their creative division, Agency Creates.

Although Dade County had the largest GDP in South Florida – Palm Beach County led the region in business growth, indicating more business ventures are being launched in our area.

Corporate News:

VAS Aero Services (a division of Volvo) renewed their 113,000-square-foot headquarter lease in the Park at Broken Sound.

With clients including, Boeing, Airbus, Embraer, Honeywell, Hamilton Sundstrand, Delta, United, SR Technics, British Airways and Iberia, VAS has one of the largest portfolios of quality aviation assets in the world.

With the recent approval of Bijuva, TherapeuticsMD now has three FDA-approved women’s health-care products on the market. Bijuva is the first FDA-approved oral capsule drug on the market to reduce moderate to severe vasomotor symptoms commonly known as hot flashes.

The New York Times covered FundSeeder’s plans to create its first index funds within six months.

ADT Inc. inks a deal to acquire Red Hawk Fire and Security for $317.5 million. Both companies are based in Boca Raton and the deal is expected to close by the end of the fourth quarter of 2018.