Gem Realty Capital Acquires FL Office Asset for $35M
- Jan 30, 2019
In a $34.6 million deal, Gem Realty Capital has acquired a seven-story office building in downtown Boca Raton, Fla., from IP Capital Partners. A Cushman & Wakefield team of Mike Davis, Dominic Montazemi, Scott O’Donnell, Rick Brugge and Michael Lerner represented IP Capital Partners in the transaction.
Situated on 2.3 acres at 925 and 975 S. Federal Highway, Wells Fargo Plaza was built in 1999 and encompasses a seven-story office building and a two-story building with a Wells Fargo retail branch on the ground floor, for a combined 102,431 square feet.
“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, in prepared remarks. “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.”
Wells Fargo has been a tenant at the property since it was built and recently renewed its lease through 2025. Other tenants at the building include Kanner & Pintaluga, P.A. and marketing agency MoreVisibility.
Last summer, Marc Bell Real Estate landed a seven-year term refi loan for its 50,809-square-foot boutique office building in Boca Raton.
Image courtesy of Yardi Matrix