Tag Archive for: ip capital partners

Class A Boca Office Building Trades For $34.6 Million

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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.

West Palm Beach Office Building Sells

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CBRE has arranged the sale of Courthouse Commons, a 85,668 square-foot, Class A office building located at 444 West Railroad Ave.

The property was sold for $22.75 million, property records show, by a joint venture between IP Capital Partners and Fir Tree Partners to FoxRock Properties, who was represented by CBRE’s Kevin McCarthy and Kevin Probel.

“This was a highly beneficial off-market transaction for both the seller and the buyer,” said Kevin McCarthy, first vice president at CBRE. “Our client, FoxRock Properties, was looking to purchase a building in downtown West Palm Beach. So, we connected with one of our past leasing clients, IP Capital Partners, to evaluate selling Courthouse Commons. Working with the buyer and seller, we were able to reach a mutually agreeable purchase price, and all parties are highly pleased with the outcome.”

Current tenants at the property include General Services Administration (GSA), which occupies 34,921 sq. ft., Law Firm Burlington and Rockenbach, as well as US Legal Support. Furthermore, Granite Telecommunications will lease 20,841 sq. ft. on the second floor. New ownership plans to install a 6,000-sq.-ft. gym in the first floor, which is currently vacant, and bring in a breakfast/lunch tenant to the small restaurant vacancy on the ground floor.

Building amenities include an attached 5-story parking garage with a covered pedestrian sky walk, providing direct access to the County Courthouse and is just minutes from Palm Beach International Airport and within walking distance to Clematis Street retail, the new Brightline train station and upscale lifestyle center at CityPlace.

According to CBRE’s Q1 2018 Palm Beach Office Report, sales activity in Palm Beach County finished with transactions totaling 274,183 sq. ft. Investors continue to pursue value-add opportunities in Palm Beach County, and it is anticipated that the area will continue to demonstrate positive momentum in 2018.

Plantation Office Portfolio Fetches $43 Million

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Institutional Property Advisors (IPA), a division of Marcus & Millichap announced the sale of Plantation Corporate Center I & II.

The two-building, 239,616-rentable-square-foot office portfolio, located within the Jacaranda Park of Commerce in Plantation, sold for $43,150,000.

The transaction closed February 12.

“Plantation Corporate Center I & II is a high-end asset with stable income that presents new ownership with an opportunity for future upside through re-leasing and potential development,” says Douglas K. Mandel, senior managing director. “Both assets are leased to Crawford and Company through 2021, with Centerfield and Aetna Life Insurance Co. occupying the buildings under sublease agreements.”

Mandel and C. Todd Everett, SIOR represented the seller, a limited-liability company and procured the buyer, a joint venture partnership between IP Capital Partners, LLC and a fund managed by Westport Capital Partners LLC.

Plantation Corporate Center I & II is located on a 20.3-acre lakefront land parcel at 1600 and 1601 SW 80th Terrace between University Drive and Pine Island Road on the north side of Interstate 595. Access to Florida’s Turnpike, Interstate 95, and the Sawgrass Expressway is nearby.

 

Fort Lauderdale Office Tower Trades For $113 Million

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Cushman & Wakefield negotiated the $113 million sale of 110 Tower, a 394,830-square-foot trophy office building in the Fort Lauderdale CBD.

The Capital Markets brokerage team of Executive Director Mike Davis, Senior Director Rick Brugge, Senior Director Michael Lerner, Executive Director Scott O’Donnell and Senior Director Dominic Montazemi represented Dallas-based seller Genesis Capital Partners XI Ltd., a GenCap Partners, Inc. investment fund. The asset was acquired by Boca Raton-based IP Capital Partners, LLC for $286 per square foot.

110 Tower is a 30-story, Class A office tower built in 1988. As the tallest and most recognizable building in the CBD, 110 Tower features 22 stories of office space, five stories of structured parking, two stories of mechanical space and ground-floor retail and parking. On-site amenities include restaurants, a health club, a full-service bank, as well as conference and entertainment facilities.

In 2011, 110 Tower completed a comprehensive $15 million renovation program that included upgrades to the ground floor lobby; a new 6th Street look; upgraded upper-floor common areas and other interior spaces; replacement and improvement of all building primary mechanical systems; and a unique exterior lighting system. New and existing amenities include 110 Fitness, Subway, That’s A Wrap, Dunkin’ Donuts, Sabadell Bank, car wash, a wrap-around outdoor terrace, ballroom and multiple conference centers.

110 Tower has received numerous accolades, including USGBC of South Florida’s Gala Verde Award as Florida’s Best in LEED for Existing Buildings; BOMA Fort Lauderdale/Palm Beaches’ TOBY Award for Renovated Building of the Year; BOMA’s Southern Regional TOBY Award for Renovated Building of the Year; and the PRISM Award for Renovated Building.

The property’s location at 110 SE 6th Street sits directly across from the new Broward County Courthouse. Fort Lauderdale has also made a commitment to municipal improvements in immediate proximity to 110 Tower, including the completion of the Wave electric streetcar with a stop directly in front of the asset.

“The CBD has evolved into a true live, work and play environment, which is driving strong demand for office space,” said Davis. “Despite the growth in residential construction and population within the CBD, however, there is currently no new Class A office construction. With growing demand and no new supply, rental rates and occupancies in the Fort Lauderdale CBD are expected to continue to grow well into the future.”