Joint Venture Partnership Closes On 38 Acres In Boca Raton, Florida

REAL ESTATE - COMPANY NEWS

Source : Uptown Boca Raton

Giles Capital Group, Rosemurgy Properties and Schmier Property Group in partnership with Wheelock Street Capital (Wheelock) 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