Developer sells office portion of Boca mixed-use site

Miami /
Sep.September 24, 2015 01:30 PM

An office building that’s surrounded by new development in downtown Boca Raton was just sold for $25.7 million.

The building is a mid-rise structure with 73,918 square feet of interior space, according to Palm Beach County property records. It was built in 1997 and was most recently owned by developer Ram Realty Services, which paid $45 million to acquire both the building and the 4.5-acre parcel it occupied in 2006. At the time, most of the land at 120 East Palmetto Park Road was occupied by surface parking lots.

The parcel has since become a major redevelopment site for downtown Boca Raton. Ram has sold or developed much of the original surface parking, with only 1.1 acres remaining for the original office building.

Last week, Ram re-platted the offices to separate them from the other development sites. An LLC titled Kireland Palmetto Park filed a deed Tuesday to acquire the offices, also known as the Merrill Lynch building. The recorded price was $25.7 million. Corporate records show the company is managed by Alex Kurkin, a lawyer in Aventura.

Surrounding the building is a newly constructed apartment tower to the south, and a Hyatt-branded hotel that’s currently being developed to the west.

Ram wrapped up construction on a 12-story, mixed-use building dubbed the Mark at Cityplace earlier this year. It has 208 apartments and 18,052 square feet of retail space on the ground floor. The project occupies 2.3 acres of the original parcel’s southern end. The developer also built an eight-story parking garage with 679 spaces to replace the surface parking it redeveloped. It services the apartments, retail and office portions of the project.

In March, Ram sold roughly one acre of the land to the Kolter Group, where the developer is currently building the 200-room Hyatt Place Hotel Boca Raton. The recorded price for that chunk was $5.5 million.


Related Articles

arrow_forward_ios
Gary Bettman and 4020 Ibis Point Circle, Boca Raton (Getty, Google Maps)
NHL commissioner Gary Bettman buys Boca Raton mansion
NHL commissioner Gary Bettman buys Boca Raton mansion
AeroEquity Partners' Michael Greene and David Rowe with 6700 Northwest Broken Sound Parkway, Boca Raton (AeroEquity; CBRE)
Private equity firm pays $6M for Boca Raton office building
Private equity firm pays $6M for Boca Raton office building
Jeffrey A. Levitetz and 5001 Egret Point Circle, Boca Raton (Purity Wholesale, Google Maps)
Grocery distributor sells waterfront Boca Raton mansion for $16M
Grocery distributor sells waterfront Boca Raton mansion for $16M
Steven R. Dingle and the property he sold at 298 West Key Palm Road. (SRD Building Corp, Royal Palm)
Former Cantor Fitzgerald CEO sells Boca Raton mansion to homebuilder for $9M
Former Cantor Fitzgerald CEO sells Boca Raton mansion to homebuilder for $9M
Investcorp co- CEOs Hazem Ben-Gacem and Rishi Kapoor, Ventures CEO Tom Scott and 135 Northwest 20th Street in Boca Raton (Investcorp; Ventures; Google Maps)
CA Ventures buys Boca Raton apartment complex for $80M
CA Ventures buys Boca Raton apartment complex for $80M
Bill Pulte and 2020 Royal Palm Way, Boca Raton (Bill Pulte, Royal Palm)
Bill Pulte buys waterfront teardown in Boca Raton for $6M
Bill Pulte buys waterfront teardown in Boca Raton for $6M
North American Development Group CEO John Preston and the Via Mizner Golf & Country Club at 6200 Boca Del Mar Dr (NADG; Google Maps)
Multifamily developer buys former Boca Raton golf course
Multifamily developer buys former Boca Raton golf course
President Donald Trump and James Batmasian (Getty, White House)
Boca Raton real estate honcho James Batmasian gets presidential pardon
Boca Raton real estate honcho James Batmasian gets presidential pardon
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...