15 Jun JOINT VENTURE PARTNERSHIP CLOSES ON 38 ACRES IN BOCA RATON, FLORIDA NEW MIXED-USE DEVELOPMENT TO BREAK GROUND IN JUNE, 2018
Boca Raton, FL …Giles Capital Group, Rosemurgy Properties and Schmier Property Group in partnership with Wheelock Street Capital announced today the closing on a 38-acre parcel at Glades Road and 95th Avenue South in Boca Raton, FL. Uptown Boca Raton, a $200 million pedestrian-friendly, mixed-use development will be built on the site and include 150,591 sq. ft. of upscale retail and 456 Class-A luxury apartments. Lucky’s Market and Silverspot Cinema will anchor Uptown Boca Raton which will include Chick-fil-A, BankUnited and a variety of other shopping and dining options.
“We are pleased to close on the property and to have the opportunity to deliver to West Boca Raton a lifestyle and entertainment project that will serve as a much-needed destination for the local community,” said Brian Schmier, CEO, Schmier Property Group. “The sentimental nature of this transaction has been quite apparent for Dan and Dixie Johns and their family, having owned this parcel since the early 1900’s. It has been a pleasure to work with them and for all of us to develop such a unique project on property that has a special family history.”
“Uptown Boca represents many of the key features we look for in a joint venture opportunity – high quality partners, a unique product offering and a desirable location. We are excited to see the project come to fruition,” said Jeffrey Laliberte, Managing Director and Head of Acquisitions for Wheelock.
The project will break ground this month with retailers projected to open in summer 2019 and multi-family opening in early 2020.
For leasing information, please visit www.uptownboca.com.
About Giles Capital Group
Giles Capital Group is a real estate investment and development firm focused on multifamily rental communities in Florida. Over the past 30 years, founder Rick Giles has been responsible for the performance of over 25,000 apartment units throughout the southeastern and mid-atlantic regions of the United States. In 2013 Giles Capital Group teamed up with Rosemurgy Properties to form a joint venture, Park Partners Residential, for the purpose of acquiring, developing, and managing multifamily assets.
About Rosemurgy Properties
Founded in 1977 and headquartered in Boca Raton, Florida, Rosemurgy Properties is a privately owned commercial real estate development, investment and management firm. Portfolio assets include multi-family, self-storage, retail and office. The Company, which includes general contracting, property and asset management services, owns properties throughout Florida and the Carolinas. Rosemurgy Properties takes great pride in owning and developing outstanding projects in the markets they serve. For more information, please visit www.rosemurgyproperties.com.
About Schmier Property Group
Schmier Property Group is a diversified commercial real estate investment, development and management company located in Boca Raton, Florida. The principals, Brian Schmier, CEO, and Robert Schmier, President, have extensive development experience with a specialization in retail. The company invests directly and with partners across all asset classes including retail, office, industrial, self-storage and multifamily. Recent projects by the principals (through affiliate Schmier & Feurring Properties) include the ground up development of Park Place, the grocery-anchored retail portion of a mixed-use project located in Boca Raton, Florida, and the acquisition of a 2 million square foot Class A bulk distribution portfolio in North and South Carolina. Schmier & Feurring Properties began in south Florida in 1981 and has developed/owned over 1 million square feet along Glades Road, including University Commons, Towne Plaza, Corporate Center, West Boca Place, Somerset Shoppes and Mission Bay Plaza.
About Wheelock Street Capital
Wheelock Street Capital was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with over 25 years of broad real estate transaction experience across all major asset classes. Wheelock has since raised over $2 billion in capital commitments and is currently investing its fifth fund comprising $725 million of commitments from leading pension funds, endowments and foundations. Wheelock will invest in a broad range of real estate assets throughout the United States. The fund may invest directly or with high quality joint venture partners through a variety of capital structures and transaction types, including acquisitions, restructurings, and recapitalizations.
Sarah E. Flynn
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