TMT Properties buys Boca Raton shopping center for $18.5M

Coral Springs-based TMT Properties just bought a shopping center in Boca Raton for $18.5 million – a 17 percent discount off its last sale price more than a decade ago.

The Shoppes of Loggers Run, a 112,300-square-foot shopping center at 11379 and 1443 West Palmetto Park Road, traded for about $165 per square foot. Records show the seller, GPH Holdings LC, paid $22.4 million for the property in 2007.

The deal was brokered by Douglas Mandel and Elon Gerberg of Marcus & Milichap. Mandel said the property hit the market unpriced in November. Occupancy is currently at 82 percent.

Tenants at the Shoppes of Loggers Run include Goodwill, the United States Postal Service and Sherwin-Williams. LalaLand Indoor Playground recently inked a 14,000-square-foot lease at the shopping center, Joseph Maas, a principal at TMT said.

Records show TMT financed the deal with a $13.9 million loan from Ocean Bank. Maas said TMT plans to renovate the exterior of the retail center and fill occupancy. The company invests in commercial properties throughout South Florida, most recently in Fort Lauderdale and Cypress Creek.

Real estate brokers and developers in Boca Raton say there’s a new focus on creating more residential and commercial development opportunities citywide. Boca’s city commission has made it easier by rezoning business park properties in the northwest sector to allow for residential, retail and hotel uses.

Last month, an apartment community west of Boca Raton traded for $64 million. The Related Group is also trying to strike a deal with the city to build a mixed-use project on a 3.6-acre site in Mizner Park.