$35.75 million sale of Boca Raton’s Bank of America Tower closed by HFF
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that 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. 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.
About Clarion Partners, LLC
Clarion Partners, an SEC registered investment adviser and FINRA member firm, has been a leading U.S. real estate investment manager for 33 years. Headquartered in New York, the firm has offices in Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle and Washington, DC, as well as a presence in Mexico. With $38.2 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.
About Dividend Capital Diversified Property Fund, Inc.
Dividend Capital Diversified Property Fund Inc. (DPF) is a public reporting, daily NAV vehicle based in Denver, Colorado, that invests in a diversified portfolio of commercial real estate assets. DPF owned 59 properties totaling approximately 9.8 million square feet in 20 geographic markets as of September 30, 2015. More information is available at www.dividendcapitaldiversified.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.