
C&W Brokers $23M Sale of Wells Fargo Plaza in Boca Raton
Cushman & Wakefield brokered the sale of Wells Fargo Plaza, a 102,000-square-foot two-building office complex in Boca Raton, Fla. for $23 million.
C&W Executive Director Mike Davis, Senior Director Michael Lerner and Senior Director Rick Brugge represented Real Estate Capital Partners, New York. IP Capital Partners LLC, Boca Raton, purchased the asset. The South Florida Business Journal reported that BankUnited, Miami Lakes, Fla., provided $17.4 million to IP Capital Partners LLC.
Built in two phases in 1990 and 2000, the Class A Wells Fargo Plaza sits on 4.2 acres at 925 and 975 South Federal Highway in Boca Raton. The complex includes a seven-story, 88,500-square-foot office building, an adjacent two-story,13,800-square-foot office/retail bank building and a six-level parking garage housing 598 spaces. Architect Phillip Johnson designed the 89-percent occupied property. Notable tenants include Kanner & Pintaluga P.A., Wells Fargo and Grossman & Roth P.A.
Chris Owen, Florida research manager for C&W, said investors continue to chase yield and below-replacement-cost pricing in South Florida. “The positive fundamentals for the Palm Beach office market are growing each quarter,” he said. “While quality available office space remains limited in the market, tenant demand remains high with product becoming scarce. Rents are trending higher due to an imbalance in supply/demand and landlords taking advantage of limited supply in sought-after locations.”
Cushman & Wakefield said “robust leasing activity and investment sales” will lead to solid rent growth and further declining vacancy through the end of the year.