N40 – Boca Raton, Florida
Mainstreet acquired this 350,000 square foot property in 2015 when it was 50% occupied. Extensive renovations occurred over the next few years transforming it into modern, creative office space. As a result of these efforts, occupancy has increased by forty percentage points to over 90% with net rental rates increasing by 50%. The property was recapitalized in 2019 with a business plan of developing a 284-unit mid-rise multi-family project on a portion of the parcel.