Class A Boca Office Building Trades For $34.6 Million

Written by on February 4, 2019 in Done Deals, News - No comments

Cushman & Wakefield has arranged the sale of Wells Fargo Plaza in downtown Boca Raton. The Class A asset consists of a seven-story office building and a two-story building with a Wells Fargo Bank retail branch on the ground-floor, which together comprise 102,431 square feet.

The Cushman & Wakefield Investment Sales Team of Vice Chairman Mike Davis, Managing Director Dominic Montazemi, Executive Director Scott O’Donnell, Executive Director Rick Bruggeand Executive Director Michael Lerner represented IPCP Florida Realty Value Fund I, an entity of Boca Raton-based IP Capital Partners, in the sale.

The $34.6 million sale closed Friday, January 28. The property last sold for $23 million in 2015.

Wells Fargo Plaza was completed in 1999 and features a unique design by internationally renowned architect Phillip Johnson, which makes it a well-known local landmark.

Situated on 2.3 acres at 925 and 975 South Federal Highway, at the intersection with East Camino Real, the property offers panoramic views of the Atlantic Ocean and downtown Boca Raton’s evolving skyline. It is directly across from the highly exclusive Royal Palm Yacht & Country Club, and surrounded by walkable amenities such as Royal Palm Place, which has over 100 designer shops, restaurants, salons and art galleries, as well as a Publix, Fresh Market and Trader Joe’s. It is also less than a mile from Boca Raton’s entertainment center, Mizner Park, which offers numerous dining, shopping and entertainment options.

“Downtown Boca Raton has undergone a major revitalization in recent years that has made it a model for ‘new urbanism,’ integrating office, retail, residential and entertainment with a pedestrian-friendly design,” said Davis. “Wells Fargo Plaza has an ideal position in the heart downtown’s evolving landscape, making it an excellent office location for banks, financial services firms and businesses from a wide variety of industries.”

Added Montazemi, “While the property garnered diverse interest from shepherds of capital both domestic and abroad, the buyer was selected for their proven track record and ability to transact on an expedited basis.”

Wells Fargo Bank has been a tenant at the property since 1999, and most recently renewed its lease through 2025. Other notable tenants include accident attorneys Kanner & Pintaluga, P.A. and marketing agency MoreVisibility.

The property is also considered part of the Federal Highway Corridor micro-market, which is one of the top micro-markets in Palm Beach County, having experienced a 30 percent growth in average base rents over the past five years. With no new office construction in the pipeline and positive net absorption, the Federal Highway Corridor is expected to continue performing at the top of the market.

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