UNLOCK THE POWER OF THE VAULT

Office building sold to public REIT for $36M

December 16, 2015

Dec 14, 2015, 4:50pm EST

The Bank of America Tower in downtown Boca Raton sold for $35.75 million

HFF’s Hermen Rodriguez, Ike Ojala and Jorge Portela represented seller Clarion Partners, through affiliate 150 East Palmetto LLC, in the deal. The buyer was Dividend Capital Diversified Property Fund, a public REIT.

The property totals 109,553 square feet of leasable space and 330 parking spaces at 150 E. Palmetto Park Road. The price equates to $326 per square foot.

It was built on the 1.65-acre site in 1969. The property last traded for $34.2 million in 2005, so it didn’t gain much value in the past decade.

Go Back
Loreen M. Gilbert, CIMA, AIF, CRC, CLTC – President, WealthWise Financial Services
Blue Vault
July 6, 2016

Our firm has been using Blue Vault from the first year it was available.

We have found it to be a valuable tool to verify what wholesalers tell us and to dig deep into how the reported investments are really performing.

We appreciate that Blue Vault has expanded its services from initially covering REIT's to now also including BDC's.

Our clients also appreciate that we conduct this additional due diligence on their behalf.