MIAMI, April 23, 2019/BUSINESS WIRE – CGI Merchant Group LLC (CGI), a private-equity, alternative investment manager focusing on commercial real estate and infrastructure, today announced it has expanded The Nexus Workspaces portfolio, launching two new locations in Boca Raton and Boynton Beach, FL. The two properties, representing a combined 59,262 square feet of commercial space, were purchased by CGI in February 2019.
The Nexus Workspaces, a leading co-working space in the Florida market,provides a unique alternative to traditional offices. The portfolio has grown from four to six suburban office buildings comprised of over 320,000 square feet located across five cities in Florida, including: Stuart, Vista Park, Wellington, Boca Raton and Boynton Beach.
Conveniently located on highway 441, minutes away from Glades Boulevard and the Florida Turnpike, the newly acquired Nexus Boca Raton is a 44,000 square foot Class A+ office center offering over 100 executive and corporate offices, ranging from 80 to 2,800 square feet with a tenant occupancy of 86%. The Nexus Boynton Beach is a 15,262 square foot Class B+ office center, offering approximately 70 executive suites, ranging from 110 to 280 square feet, with over 50% occupancy. The property is primly located on Gateway Boulevard near I-95 highway, just minutes from highly-rated restaurants, malls, and banks.
“The acquisition of these two properties marks an important milestone for CGI and The Nexus Workspaces,” says Raoul Thomas, founder and CEO of CGI. “We are excited to launch in two new communities: Boca Raton and Boynton Beach, FL. We have made significant capital improvements to bring these two newly acquired assets to the same Class A standard that exists across our Nexus portfolio. This growth reflects the confidence in CGI’s portfolio properties and the vibrancy of the South Florida market.”
When The Nexus Workspaces started in 2013, the goal was to discard the traditional notion of an office park and create a unique working environment where professionals can thrive in all aspects of their life. Designed to help businesses of all types succeed, The Nexus attracts a diverse mix of tenants, ranging from small to medium-sized businesses, including local consultancies and law offices, as well as insurance, construction, information technology and other business services.
CGI’s capital improvements to The Nexus Boca Raton and The Nexus Boynton Beach, including upgrades to the building’s exterior and interior office spaces, has generated increased traffic and interest in the properties.
About CGI Merchant Group
CGI Merchant Group (“CGI”) is a private equity, alternative investment management that focuses on real estate value-added investment opportunities in the South Florida region. Through strategic and effective management and financing, CGI increases the value of its assets on commercial real estate and infrastructure investments and transforms them into Class A, fully-operational assets. Within the past six months, the firm has deployed more than $400 million of capital in multiple assets classes including executive offices and retail space. The Firm has a wealth of knowledge on capital markets – which combined with their ingenuity and experience – distinguishes them from other alternative investment managers.
View the press release as published in BusinessWire