Friday, December 25, 2015

HFF closes $35.75 million sale of Boca Raton’s Bank of America Tower

Bank of America Tower, Boca Raton, FL

Hermen Rodriguez
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of the Bank of America Tower, a boutique, Class A, 109,553-square-foot office building with ground floor retail and restaurant space in downtown Boca Raton, Florida.

HFF represented the seller, Clarion Partners, in the sale of the property to Dividend Capital Diversified Property Fund Inc.  The asset traded for $35.75 million free and clear of debt.  HFF also arranged the prior sale of the property in 2005 to Clarion Partners, which acquired the asset on behalf of a separately managed account. 

The Bank of America Tower is located at 150 East Palmetto Park Road at the intersection of Palmetto Park Road and Mizner Boulevard, within walking distance of Mizner Park and Royal Palm Place in downtown Boca Raton.

  Situated on 1.65-acres, the eight-story property is also close to new apartment and condominium developments such as Camden Boca Raton, Boca Lofts, the Mark at CityScape and redevelopment of Mizner on the Green. 

Ike Ojala
The Bank of America Tower is 87 percent leased to credit tenants including Bank of America, Zen Offices, Veretech Holdings and Charles Schwab & Company.  The retail component of the space is occupied by a full-service Bank of America bank branch with a drive-through teller.

  The restaurant space will soon be occupied by Besito Boca.  The property also features 330 parking spaces.

The HFF investment sales team representing the seller included senior managing director Hermen Rodriguez, director Ike Ojala and associate director Jorge Portela.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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