Berritto Family Office expanded its South Florida holdings by acquiring a Boca Raton mixed-use portfolio for $92.7 million.
Affiliates of Fort Lauderdale-based Berritto, led by CEO Anthony Berritto, acquired three office and retail properties from Weston-based Titan General Partners, led by James Caprio, the South Florida Business Journal reported. Berritto bought the sites in three deals, records and real estate database Vizzda show.
Nelson Garcia with Rare CRE brokered the sale, representing the buyer and the seller. Titan General acquired a controlling stake in the trio of properties and a fourth mixed-use site in Boca Raton for $155 million in 2021. The portfolio’s occupancy stood at roughly 90 percent at the time of the transactions, Garcia told the outlet.
The largest asset, Boardwalk, a 130,350-square-foot complex at 6885 Southwest 18th Street, sold for $43 million, or $330 per square foot. Built in 1986 on a 10-acre site, the property’s tenants include BurgerFi, Dunkin’, Rafina Greek Taverna, Holloway’s Irish Pub, Women’s Health Partners and Quest Diagnostics.
Berritto also bought City National Bank Plaza, a 127,000-square-foot office and retail strip mall at 7000 West Palmetto Park Road for $33.7 million, or $266 per square foot. Completed in 1986 on 7.6 acres, the plaza’s tenants include City National Bank of Florida, the High School for Accelerated Learning, TDL Centers and Bagel Boss.
The third property, Grove Centre at 21301 Powerline Road, fetched $16 million, or $271 per square foot. The 58,000-square-foot building was completed in 1983 on a 3.5-acre site and counts the Kabbalah Centre, Skin Appeal, and the Crohn’s & Colitis Foundation among its occupants.
The Berritto Family Office’s acquisition underscores continued investor appetite for well-leased mixed-use properties in suburban Palm Beach County, where limited new supply and steady population growth are sustaining values, according to commercial brokers.
Boca Raton is one of the county’s most active submarkets. This month the city’s planning and zoning board recommended approval of an eight-story condominium and three-story fitness center at 501 East Camino Real planned by BDT & MSD Partners. The developer wants to demolish a golf maintenance facility to make way for the 76-unit low-rise.
Last month, developers of The Aletto, a mixed-use complex on a 1.3-acre site at 119 East Palmetto Park Road, scored a $74 million construction loan from Bank OZK.
