Boca East Investments LLC, managed by Charles D. Deyo of Boca Raton, has purchased the Compson Financial Center for $10.15 million, a pricepoint at a 45% discount to its foreclosed mortgage. A commercial mortgage-backed securities (CMBS) trust seized the building in 2012 after foreclosing on an $18.4 million mortgage held by 980 North Federal LLC. In 2009, Marc Osheroff & Associates Inc. acquired the office building from Stuart Gilbert Realty Co. for $20 million, or about $213 per square foot. According to a South Florida Business Journal article, Bank of America provided a $12.75 million mortgage to the buyer, who started interior renovations to the building.
Built in 1986 by Compson Associates, the Compson Financial Center at 980 North Federal Hwy features an expansive and bright 4 story atrium, three elevators and covered garage parking. The property includes 99,983 square feet of office space and a 46,464-square-foot parking garage.
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