MHCommercial Real Estate Fund II Acquires Boca Raton Office Complex, Yamato Office Center, for $45.9 Million

MHCommercial Real Estate Fund II (“MHCREFII”), a discretionary real estate  private equity fund formed by Dung Lam, Neil E. Merin, and Jordan Paul, has closed on the purchase of  Yamato Office Center in Boca Raton for $45,925,000 ($267/SF) in a joint venture partnership with an  institutional real estate fund based out of New York. Yamato Office Center is a 171,724-square-foot office  complex comprising two Class-A office buildings located at 999 and 1001 Yamato Road, Boca Raton,  Florida. Yamato Office Center was approximately 71% leased at the time of the sale. Christian Lee,  Marcos Minaya, and Sean Kelly with CBRE Capital Markets represented the seller, Adler Real Estate  Partners (“Adler Partners”). 

999 Yamato Road, built in 2000, is a three-story, 82,974-square-foot office building. 1001 Yamato Road,  built in 1986, is a four-story, 88,750-square-foot office building. The complex is located near the entrance  of the Park at Broken Sound and is situated on approximately 10 acres of prime Yamato Road frontage lending a generous parking ratio which includes covered parking. The Park of Broken Sound has recently  benefited from a renaissance through the development of over 1,900 multi-family units and over 554,000  square feet of retail. Yamato Office Center’s prime location is a short drive to a large variety of nearby  upscale amenities and 15 minutes away from transportation infrastructures including I-95, the Boca  Raton Airport, Tri-Rail and the future Boca Raton Brightline Florida station.  

MHCREFII is the second real estate fund for Neil Merin, Dung Lam and Jordan Paul after closing and fully  deploying their first fund in December 2021 acquiring approximately $125 million in commercial real  estate. MHCREFII launched in January 2022 and closed on its first acquisition in April 2022 with the $32.5  million purchase of EcoPlex® Office Center in West Palm Beach. Yamato Office Center is the second  acquisition for MHCREFII with a target to acquire a total of $250 million of commercial real estate  throughout the Southeastern United States over the next 12 to 18 months  

MHCREF and MHCREFII principals Neil E. Merin, Dung Lam and Jordan Paul stated, “We are very excited  with the acquisition of Yamato Office Center at a purchase price well below replacement cost while also providing a tremendous opportunity to create value. Our plan is to reposition the asset as a premier  Class-A office center primarily through capital improvements allowing Yamato Office Center to capture the robust demand for Class-A office space in Boca Raton. Boca Raton is one of the nation’s most  attractive communities for wealthy decision makers and Yamato Office Center is specifically located in  one of Boca Raton’s most rapidly urbanizing micro-markets.” 

Corey Winsett, Director of Acquisitions for MHCREF oversaw the acquisition and due diligence process  on behalf of MHCRFII’s JV partnership. Financing for the transaction was provided by LoanCore Capital a leading institutional lender that has financed over $25 billion in commercial real estate loans since 2008. 

Steve Kay, Managing Director and JP Kost, Vice President structured the financing transaction on behalf  of LoanCore Capital. 

Elizabeth Jones and John Strickroot of the Shutts & Bowen law firm represented the purchaser on the  transaction. NAI/Merin Hunter Codman will manage and lease the property. For leasing opportunities  please reach out to Managing Director, Richard Brockey at 561-471-8000. 

About NAI/Merin Hunter Codman 

NAI/Merin Hunter Codman, www.mhcreal.com, is one of South Florida’s leading commercial real estate firms with  over three decades of experience advising clients on strategic acquisitions and dispositions and providing landlord  representation, tenant representation, property management and construction management services. The firm has  expertise in all commercial property sectors including office, retail, industrial, multifamily, hotels and land. NAI/Merin  Hunter Codman’s client base includes some of the nation’s most prestigious institutional and private equity investors.  Operating as part of the NAI Global network, NAI/Merin Hunter Codman can facilitate property transactions around  the nation and the world, serving as a single point of contact for its clients’ counsel and execution. NAI/Merin Hunter  Codman is headquartered in West Palm Beach, Florida with regional offices in Boca Raton, Palm Beach Gardens  and Wellington.