Office property prices indicate tough market
October 28, 2011
By: Oscar Pedro Musibay

The sale of Boca Raton's Fountains at Camino shows the pricing that buyers of distressed office buildings should expect when commercial properties trade in the current market.

The 185,000-square-foot mixed-use asset, at 7000 Camino Real, traded a few years ago at about $180 a square foot. Now, after an aggressive bid process that generated 16 total offers and five highest-and-best, the building will sell for between $80 and $85 a square foot, said Scott O'Donnell, senior VP with CB Richard Ellis' Private Capital Group. ...

... Tom Capocefalo, managing director with tenant representative firm Studley, said tenants are still looking for deals and are willing to relocate from core downtown markets to suburban markets, like Fort Lauderdale's Cypress Creek corridor, to save money. ...

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