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| Bank of America Tower, Boca Raton, FL |
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| 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.
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| 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 | www.hfflp.com
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