The Becker Organization bought a retail building leased to luxury furniture retailer Clive Daniel Home for $18.25 million in Boca Raton, Fla., according to the brokerage representing the seller.
The single-tenant property spans 68,389 square feet over two stories. It’s at 1351 NW Boca Raton Boulevard, adjacent to 2nd Avenue and a block north of Glades Road, the city’s main retail artery.
The sale equates to $267 per square foot.
Butters Group, the Coconut Creek-based seller, developed the building in 2016 after purchasing the 3.2-acre site for $3.7 million and nabbing a $7.3 million mortgage, both in 2015, according to property records.
Clive Daniel Home, a Florida-based retailer, has occupied the space since the property’s completion. Its lease will expire in 2036.
The buyer “appreciated the security of the long-term lease to Clive Daniel Home, which has differentiated itself from other furniture stores as a niche provider of both high-end designer furniture and interior design services,” Cushman & Wakefield’s Scott O’Donnell, who represented Butters Group, said in a statement.
Mike Ciadella, Greg Miller, Dominic Montazemi, Miguel Alcivar, Jason Hochman, and Ron Granite were also part of the C&W team.
New Jersey-based Becker Organization, led by Bryan Becker, owns retail and industrial properties across the country. A representative for the company did not immediately respond to a request for comment.
Julia Echikson can be reached at Jechikson@commercialobserver.com.