Schmier Property Group acquired an office/restaurant property near the Town Center at Boca Raton that includes The Cheesecake Factory for $32 million.

Town T LLC and Town E LLC, both managed by Herbert F. Kahlert in West Palm Beach, sold the 86,069-square-foot commercial/office center at 5550 W. Glades Road to Boca Raton-based Schmier Property Group. Josh Wade of Flagship Partners brokered the deal. Seacoast National Bank provided an $18 million mortgage to the buyer.

The buildings last sold for $13.25 million in 2001, so they nearly tripled in value after a long-term hold.

The 6.6-acre site has a six-story, 71,865-square-foot office building that was constructed in 1980. Tenants include Flagstar Bank/AmTrust, Shafer Cohen LLP and Town Center Executive Suites. According to a recent online listing, 11,688 square feet of office is available for lease there, asking $26 a square foot.

The 14,204-square-foot restaurant building, which was also built in 1980, is occupied by a busy Cheesecake Factory.

Many office tenants prefer locations near popular restaurants and shops, so being at Town Center certainly fits the bill.

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