The property last sold for $23 million in 2015. CLICK ON THE HEADLINE FOR MORE
The new 3-story property is scheduled for delivery in Q2 2019 and will be the first office building in Plantation built in the last 10 years. CLICK ON THE HEADLINE FOR MORE
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.
CBRE is pre-leasing office space at University Professional Center, a 63,600-square-foot office development under construction at 1248 North University Drive in Plantation. The new 3-story property is scheduled for delivery in Q2 2019 and will be the first office building in Plantation built in the last 10 years.
CBRE’s Scott Brenner, Owen Sagar and Deborah Fink are handling leasing efforts at the property on behalf of ownership, Plantation Professional Plaza.
“Adjacent to Plantation’s emerging technology cluster, University Professional Center will be a state-of-the-art office and medical building featuring up to 42,400 sq. ft. of contiguous space, with 26,800 sq. ft. approved for medical office use,” said Scott Brenner, Executive Vice President at CBRE. “The building is coming out of the ground with an anchor tenant in place, Chetu, a global leader in software development.”
The 3-story building offers office space that can be custom designed to tenant specifications. The suites will be individually metered for electric and HVAC use, offering tenants flexible operating hours. The overall parking capacity is 4.6 spaces per 1,000 square feet of leased space, which allows tenants the option to build an increased density floorplan.
University Professional Center is located in the City of Plantation in Broward County, with a population of more than 430,000 within a 5-mile radius. The property enjoys direct access to I-595, as well as Florida’s Turnpike, The City of Plantation is 15 minutes from Downtown Fort Lauderdale and the Brightline/Virgin Trains USA station, Fort Lauderdale-Hollywood International Airport, I-95, and Port Everglades. Approximately 2,600 multi-family and townhomes are currently under construction or approved throughout the City.
The “top off” and ribbon-cutting ceremonies will take place in early and late summer 2019, respectively.
Class A Boca Office Building Trades For $34.6 Million
/in Done Deals, News/by SFOBA STAFFThe property last sold for $23 million in 2015. CLICK ON THE HEADLINE FOR MORE
CBRE Tapped To Lease Plantation’s Newest Class A Office Building
/in News/by SFOBA STAFFThe new 3-story property is scheduled for delivery in Q2 2019 and will be the first office building in Plantation built in the last 10 years. CLICK ON THE HEADLINE FOR MORE